Richard QuigleyCEO, DataGenic Ltd.
On the 23rd February 2009, a significant event happened in the Federal Reserve Bank of New York (NY Fed). It was not reported in our usual mainstream news, like CNN, BBC News etc.; and yet the significance of the event has not been lost by senior politicians on both sides of the Atlantic and data management practitioners alike - John Bottega, a reference data veteran and ex-Chief Data Officer for Citi's Institutional Client Group, was appointed as the as NY Fed's Chief Data Officer (CDO), Markets Division.
It's been suggested that this appointment is being linked with the change in administration in the US and President Barack Obama's focus on collaboration and transparency. However high up the food chain, this appointment is crucial and signals to the marketplace the importance of data management and its relationship to transparency and oversight.
So what are the responsibilities of a CDO? In general they are responsible for data strategy, policies, and data investments. Additionally, as Wikipedia advises, "Besides the revenue opportunities, acquisition strategy, and customer data policies, the Chief Data Officer is charged with explaining to executives, employees, and customers the strategic value of data and its important role as a business asset and revenue driver. This is in great contrast to the older view of data systems as back-end IT systems".
So what does this mean for other Central Banks? Given the current economic climate and the realisation of the inability of the world's central banks to regulate against excessive risk-taking in the financial system, this is the time to address the failings of the current data management practices, appoint a CDO and perhaps increase the data transparency that exists in the collection and sharing of data assets.
Are there lessons to be learned in the Energy Industry? John Bottega was the first appointed CDO in the finance industry, with many following in his footsteps. Data and data systems should be treated like any other strategic assets and not viewed simply as back-end IT systems.
Given the massive growth in data within the energy industry over the years, and especially with the impending Smart Metering Programs, it is paramount for organisations to provide focus and direction in this vital of assets - data! To even start thinking about data as a strategic asset is a step in the right direction - to actually appoint a CDO is the smartest of moves!
