CDOs are Increasing Efficiency and Scaling the Data Practice with Effective Cost-Management

Read the full report: April 2020

Within a financial market characterized by low rates and the presence of increased regulations, the data practice’s development of cost controls reflects a similar need on the part of financial organizations as a whole. The decision to implement cost-reduction practices can be coupled with other drivers for improved efficiency, such as the need to develop efficient and scalable data management frameworks in order to streamline compliance and enable profitable insight generation through analytics.

According to FIMA’s 2018 CDO Study, Uncovering the Progress of the CDO 2.0, in 2018 44% of CDOs felt that compliance was being handled well enough within their organizations to the point that it was becoming a secondary concern to the utilization of data to enhance core business propositions₁. In addition, 61% of CDOs listed mandates for risk data aggregation as a concern, representing the double-edged sword of rapidly growing data volumes. Without the processes in place to effectively manage an exponential influx of data, mismanagement can occur based on shifting quality standards, lack of visibility, lost or incomplete records, and other pitfalls. Scalability of management frameworks is the key element that allows these growing data volumes to represent actionable insights instead of mounting challenges.

In our next installment of our flagship CDO Study, FIMA and WBR Insights will seek to highlight ways in which CDOs are establishing sustainable practices as the volumes of data within their organizations increase. Maintaining efficiency translates into easier compliance processes, more visibility, and an enhanced ability to pursue strategic as opposed to tactical goals. Don’t miss this upcoming report!

Read the full report: April 2020