FIMA Connect Roundtable: 'Proactive Versus Reactive Data Management'

By Press Office
on Jun 22, 2021

Over the course of two days (16-17 June 2021), FIMA Connect held an invitation-only event with the aim of bringing together Chief Data Officers and Senior Data & Analytics Leaders to discuss their biggest data priorities and issues with their data peers.  

Solidatus’ CDO, Lorraine Waters and its Co-CEO, Philip Dutton held a roundtable discussion titled, ‘Proactive Versus Reactive Data Management’ where they were joined by a group of industry leaders to discuss a set of topics surrounding this theme. For each question, they encouraged those present to share their pain points and opinions. The four questions posed to the group were as follows:  

  • Costly Data Discovery – how do we get off the hamster wheel?    
  • Data Quality – how do we prevent rather than detect?    
  • Data Management - what data matters and how do we start fast?     
  • Measuring success – what does good look like? 

All agreed that data discovery can be a heavily manual process requiring several steps creating more opportunities for problems to arise – much of this data is also hard to discover and analyse. Equally problematic is the loss of subject matter experts that create data infrastructure and processes but then leave once a project comes to an end. The solutions lay in the construction of a CDO-led strategy with a well-articulated data roadmap that automates processes capturing expert knowledge and democratising data – a process that empowers employees to own their data providing them simple tools to make sense of it and gain value from it.  

When considering data quality and management, what was clear is that the cultural tides of data management need changing. A recurring theme was ‘data by design’– if an organisation builds a lineage-first approach into their data strategy and creates a ‘data blueprint’ over more traditional methods, they can proactively prevent data issues rather than reactively putting out fires downstream. An additional point raised was the importance of encouraging all data owners to collaborate across the company preventing silos and the duplication of workload. 

We finished the conversation touching on the importance of bringing context to data, developing companywide confidence in its quality and showing the business value of our work as data practitioners. A tool that can provide a visual representation of an organisation’s data landscape illuminating previously unknown insights provides an invaluable framework to gain this information and provide multifaceted levels of success.  

The Solidatus team would like to extend our thanks to all the data leaders who participated in our roundtable discussion. If you would like to continue to delve into the many possibilities Solidatus can provide in transforming your data strategy, please get in touch.  

Solidatus allows organisations to proactively approach compliance by rapidly capturing, storing, and graphically representing data lineage, together with its supporting metadata. The power to document lineage at the Attribute level, showing how data moves across the enterprise from capture to ultimate usage, means Solidatus reveals demonstrable data quality, inspiring confidence in regulators and inspectors.  

The Solidatus Solution

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Topics: Regulatory Compliance, Data Management, Financial Services, Automation

Author: Press Office

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