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2.2: That Can be Implemented and Execute at Scale 2.2: That Can be Implemented and Executed at Scale
The New Big Data EcosystemLegacy Enterprise Data Problems Incrementally solving legacy data problems
using new Big Datatechnology & techniques
Carl Reed February 24th 2017
Add sources to data registry and distribute via hub supporting legacy client semantics for existing clients and enforcing enterprise semantics for new.
Migrate Over Time
2.3: That Can Accommodate the Existing as well as Execute the New2.3: That Can Accommodate the Existing as well as Execute the New
Regulatory Perspective & FIBO UpdateMike Atkin, Managing Director, Enterprise Data Management Council
Data Management in Perspective
Beachhead for Data Management Established
Data Management Implementation Based on Best Practice
Unified View of Data Meaning (primary data objective)
Consistent Measurement of Data Management Progress
2008 Crisis: Inability to model contagion (who finances who, who is linked to who, what are the obligations of complex financial instruments)
Senior Banking Supervisors Group: Observations on Developments in Risk Appetite Frameworks and IT Infrastructure (intractable relationship between data and risk management and definition of control environment)
BCBS 239: Principles of Risk Data Aggregation and Reporting (governance, content infrastructure and data quality as mandatory objectives)
EDMC Regulatory AreasRegulatory Actions
Fundamental Review of Trade Book (FRTB)
Dodd-Frank: Title I (systemic risk) and Title VII (derivatives)
European Market Infrastructure Regulation (EMIR)
BCBS 239: Principles of Risk Data Aggregation & Reporting
Comprehensive Capital Analysis and Review (CCAR) and Basel III
General Data Protection Regulation (GDPR)
Investment Book of Records (IBOR)
Bank Integrated Reporting Dictionary (BIRD)
Financial Data Standardization Project (EC)
Regulatory Fitness and Performance Program (REFIT)
Common Data Template for Systemically Important Banks (FSB)
Data Gaps Initiative (FSB), Common Reporting (COREP) Template and Inventory of Data Reporting Requirements (DRR)
Markets in Financial Instruments Directive (MiFID2)
Capital Requirements Regulation & Directive (CCD/CDR IV)
Alternative Investment Fund Managers Directive (AIFMD)
Directive on Undertakings for Collective Investments in Transferable Securities (UCITS)
Solvency II (EIOPA)
Regulatory Agencies• Office of the Comptroller of the Currency (OCC)• Federal Reserve Board (FRB)• Federal Deposit Insurance Corporation (FDIC)• Securities and Exchange Commission (SEC)• Commodity Futures Trading Commission (CFTC)• CPMI-IOSCO Harmonization Group• House Financial Services Committee (Financial CHOICE Act)• Senate Banking Committee consolidated audit • Financial Stability Oversight Council (FSOC) and Office of Financial
Research (OFR)• Consumer Financial Protection Bureau (CFPB)• White House: National Economic Council (NEC)• White House: Office of Science and Technology Policy (OSTP)• National Institute of Science and Technology (NIST)• European Central Bank (ECB)• Financial Stability Board (FSB)• Basel Committee on Banking Supervision• European System of Financial Supervision (ESFS)• European Banking Authority (EBA)• European Security and Markets Authority (ESMA)• European Commission (EC): Directorate General for Financial Stability,
Financial Services and Capital Markets Union (DG FISMA)• European Reporting Framework (ERF)• European Systemic Risk Board (ESRB) • European Insurance and Occupational Pensions Authority (EIOPA)• Single Resolution Board (SRB)
Data Management Principles
Principles of Data Management
Content Infrastructure Data Quality Governance Integration
1. Executive Air Cover with Visible Support2. Line of Business Alignment with Commitment3. Enterprise Wide Ontology stored as Metadata4. Reverse Engineering of Business Processes5. Authority via Mandatory Policy6. Resources for Sustainability
STRATEGY• Data Strategy• Cultural Alignment• Stakeholder Commitment
State Street - FIBO Interest Rate Swap DemoArthur Keen, Managing Director, Cambridge Semantics
Business Objectives
• Purpose: Demonstrate Real World Capability- The practicality of using FIBO to harmonize diverse derivative and entity data- The usefulness of FIBO for comprehensive reporting and analytics, both traditional and
innovative
• PoC approach: Apply FIBO to operational “In the wild” data- Implement using a state-of-the-art semantics platform
• Rapid implementation, no coding required
• Project Participants:State Street Business requirements and operational dataEDM Council FIBO mode and recommended reports/analytics
Cambridge Semantics Operational platform and implementation services
dun & bradstreet Business Entity and Corporate Hierarchy data
Wells Fargo FIBO consultation
State Street Bank/D&B/EDM CouncilFIBO PoC Solution Architecture
FrontArenaData
Dun &BradstreetData
Internal Data Sources
Map & Load (QA) Link & Query (Classification, analytics)