The EDM Council Derives Data Management Plan of Action

By Tim Clark, Wall Street & Technology

On the heels of a research project involving 60 industry representatives, The EDM Council has identified, categorized and analyzed the Enterprise Data Management (EDM) issues of most concern to its members.Both internal objectives and external requirements have been translated into an actionable plan comprising four priority work streams to include Business Metrics, Best Practice Implementation, Supply Chain Management and Regulatory Tracking.

"This plan is indicative of where financial institutions are as they move toward achieving true enterprise-wide data management," said Michael Atkin, managing director of the EDM Council, from a release. "The Council's activities are now focused on addressing the practical challenges required to translate EDM theory into EDM reality."

The EDM Council was created in collaboration with leading financial institutions such as Credit Suisse, Citigroup, Pioneer Investment Management, Franklin Templeton Investments, State Street Bank & Trust, Deutsche Bank and Bank of America and now includes over 70 financial institutions from all segments of the industry.