Quantcast
Last updated on April 23, 2014 at 1:22 EDT

Carnegie Mellon Software Engineering Institute and EDM Council Partner to Create Process for Measuring Data Management Maturity

July 8, 2009

WASHINGTON, July 8 /PRNewswire/ — The Carnegie Mellon(R) Software Engineering Institute (SEI) and the Enterprise Data Management Council (EDM Council) today announced a strategic partnership to create a new Data Management Maturity (DMM) Model for the financial industry. The new model will be designed to define the components of data management at the specific business-process level so that financial organizations can assess themselves against documented best practices.

Recent catastrophic events in financial markets have reinforced the importance of data content management as both a mechanism for market oversight and as a strategic business priority for financial institutions. Precise and comparable data are recognized as the core factors of input for virtually every business process within the financial industry. They are also the essential ingredients for systemic risk analysis which is a process that is dependent on the ability to identify, link, value, and model multiple factors of input in ad hoc ways.

The SEI and EDM Council will collaborate on development of this new model to help the financial industry become more proficient in their management of data and to provide a consistent and comparable benchmark for regulatory authorities in their efforts to control operational risk. Using the foundational process areas found in CMMI and the CERT Resiliency Management Model (RMM), the SEI and EDM Council will collaborate to move the DMM to a framework and accompanying assessment methodology that can be adopted by financial organizations worldwide.

“While many executive managers conceptually understand the importance of data management, there are very little practical experiences and no proven operational route map to guide them on their journey,” said Mike Phillips, manager of CMMI initiatives at the SEI. “With our experience in developing capability models and EDM Council’s extensive knowledge of data management, we are confident that the new model will serve as the much needed roadmap for financial institutions.”

“The Data Management Maturity Model initiative will provide a measurable benchmark for evaluating the efficiency of data management practices, the maturity of operational integration, and the establishment of essential standards and data definitions,” said John Muholland, global head of reference data for RBC Financial Group and a director of the EDM Council. “The DMM will not only help guide and measure a firm’s providence over their own data quality processes and governance structures, it will provide consistent criteria to measure the services of external providers.”

Michael Atkin, managing director of the EDM Council, agreed that efficient business operations and effective oversight are compromised when data management processes are managed on a manual and reactive basis.

“All too often, data exists in unconnected spreadsheets using multiple formats and inconsistent definitions – and integration is frequently done tactically in response to immediate business requirements,” explained Atkin. “As a result, data quality varies widely among business units, data failures occur with regularity, and cross-functional views of risk are difficult to obtain.”

To assist in their research, development and piloting efforts, the SEI and EDM Council are seeking input from financial organizations so that the research can be applied to real-world situations.

About CMMI and RMM

The SEI is recognized worldwide for its best practices in software and systems engineering. The full CMMI Product Suite addresses software development, acquisition, and services best practices through its three constellations: CMMI for Development, CMMI for Acquisition and CMMI for Services. The Resiliency Management Model (RMM) was developed with the Financial Services Technology Consortium (FSTC). This model provides a comprehensive roadmap that enables organizations of all sizes to establish, manage, and evaluate operational resiliency, which encompasses both security and business continuity.

About the SEI

The SEI is a U.S. Department of Defense federally funded research and development center operated by Carnegie Mellon University. The SEI helps organizations make measured improvements in their software engineering capabilities by providing technical leadership to advance the practice of software engineering. For more information about the SEI, visit www.sei.cmu.edu.

About the EDM Council

The Enterprise Data Management Council is a nonprofit trade association created by the financial industry to elevate data management as an essential business mandate. The Council is focused on standards, best practices, and practical business processes needed to enable financial institutions to increase efficiency, minimize risk, and create competitive advantage. For more information, visit www.edmcouncil.org.

SOURCE Carnegie Mellon Software Engineering Institute


Source: newswire