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Steve Engdahl
"Enabling end user access to information about data quality must extend to include access via mobile devices."Steve Engdahl
SVP - Product Strategy
GoldenSource
Steve is responsible for defining and articulating the company's global product strategy. Steve's team delivers market analysis, competitive intelligence, and product positioning to align the company around opportunities to increase clients' value, product experience, and return on investment.
Steering transformational initiatives within business environment that typically required IT
Some great examples of using near-term practical projects to enhance processes and drive organizational metrics are coming out of the data management space. Almost every IT project has a data component, and traditionally the data requirements within these projects have been addressed at a tactical level. But with the economic climate forcing every financial institution to “do more with less” and focus on optimizing operating margins, we’ve worked with leading organizations to eliminate redundant systems and redundant processes for handling security, pricing, counterparty, and position data, replacing them with highly efficient, scalable centralized data hubs.
Things you have done to elevate IT’srelationship with the business
We’re seeing Chief Data Officers and business stakeholders setting the agenda for data quality, data governance, and data management processes, and they are partnering with IT to establish corporate standards for data quality, rolling that out through shared technology platforms.
Manner in which data is used to head off problems and complications before they happen
With operational teams and new CDO leadership taking responsibility for data processes, reference data management and quality is not just an IT problem anymore. Leading financial institutions are transforming from a “crank the wheel” daily batch process focus for data management and data quality, to a proactive, exception- based, and alertbased framework which offers greater transparency, end-user self-service and inquiry. By measuring and analyzing the data they use and the quality, completeness and timeliness of data delivery to their business applications, they can embark on continuous process and systems mprovements in the areas which show greatest need.
The areas in business environment where solutions do not yet exist or not up to the mark, and which if existed, would've made job easier
The reference data sourcing, cleansing, standardization and distribution problem is one which every financial institution faces and which is currently solved, individually and separately, by each institution. This represents tremendous inefficiency across our industry. In the past, there have been attempts at central utilities to provide these services on a shared basis to industry participants at much greater efficiency. Unfortunately, none of the attempts till date have achieved the right blend of centralized processing with the ability to provide tailored options to suit the unique internal landscape of each institution.
Technology trends impacting enterprise business environment
Enabling end user access to information about data quality must extend to include access via mobile devices. This is great for certain types of reference data, offering ease of use and transparency in a very natural way. However, when these same functions touch on customer, counterparty, position and transaction data, it immediately becomes subject to a much greater standard of care and privacy.
Lessons learned and advice for fellow CIOs
CIOs know their business best, but in the course of GoldenSource’s conversations with leading CIOs, we’re finding that the most successful among them share the following principles:
1. Recognition that data quality is a joint business- IT issue, requiring strong governance and buy-in from the business side.
2. The ability to craft an end- state vision to accommodate the sweeping external changes facing our industry, but also the pragmatic approach of breaking out individual projects.
The reference data sourcing, cleansing, standardization and distribution problem is one which every financial institution faces and which is currently solved, individually and separately, by each institution. This represents tremendous inefficiency across our industry. In the past, there have been attempts at central utilities to provide these services on a shared basis to industry participants at much greater efficiency. Unfortunately, none of the attempts till date have achieved the right blend of centralized processing with the ability to provide tailored options to suit the unique internal landscape of each institution.
Technology trends impacting enterprise business environment
Enabling end user access to information about data quality must extend to include access via mobile devices. This is great for certain types of reference data, offering ease of use and transparency in a very natural way. However, when these same functions touch on customer, counterparty, position and transaction data, it immediately becomes subject to a much greater standard of care and privacy.
Lessons learned and advice for fellow CIOs
CIOs know their business best, but in the course of GoldenSource’s conversations with leading CIOs, we’re finding that the most successful among them share the following principles:
1. Recognition that data quality is a joint business- IT issue, requiring strong governance and buy-in from the business side.
2. The ability to craft an end- state vision to accommodate the sweeping external changes facing our industry, but also the pragmatic approach of breaking out individual projects.
