Roles and responsibilities

The use of data is becoming more complex and networked, and data must be consistent across individual specialist disciplines. Efficiency is required in the preparation of data for all data users, the prioritisation of requirements across different specialist areas and in the design of a uniform governance framework.

Market dynamics, technological quantum leaps and unprecedented pressure from international supervisory authorities require a central function that centralises the data agenda of banks, controls it stringently and opens new doors.

The CDO fulfils these functions:

• Standard setter: The CDO defines standards for data management and monitors their implementation (data dictionary, overview of data owners, lineage, controls ...)
• "Owner" of cross-discipline functions: All functions that cannot be assigned to a single discipline are cross-cutting functions. These include central data hubs (DHW, Lake, etc.), their structure, supply processes and central functionalities (creation of borrower units, generation of certain key attributes such as regulatory industry identifiers, etc.).
• Requirements manager: This includes recording the requirements for architectural adaptations, analysing the effects/comparing with other requirements, managing the timing/implementation
• Guardian of the architecture and interface landscape: The CDO ensures that it is clear at all times where the "golden source" for information is located, that applications, DWHs, data lakes and interfaces are expanded sensibly or that new components are set up. He avoids redundancies and realises synergies.
• And yes - the fulfilment of regulatory requirements (for data management) also remains the task of the CDO. He remains the central point of contact for external and internal auditors and the supervisory authority

Since 2020, the regulatory environment has become more complex and the pressure from the supervisory authorities has increased enormously.

Even large financial institutions that previously invested large sums (up to hundreds of millions) in data management solutions have been affected:

• More findings are being made (in the double-digit range),
• of which more and more are considered critical (F4 - very high impact).

The CDO is in the right position to master the challenges associated with the content of the findings:

• Clear responsibility (top-down):
  • The CDO has central responsibility
  • Advancing the data agenda, such as introducing a data strategy and quantifying implementation successes
  • Direct reporting line to the Executive Board
• Effective data management solutions
• Enforcing standards in the operational business and in IT
• Participation and representation in all relevant committees with a central role in enforcing data management principles