Global capital markets specialist, Hatstand, announces it has partnered with the EDM Council, a non-profit trade association that sets industry standard for effective data management, to become one of seventeen currently authorised partners of the Council’s Data Management Capability Model (DCAM).
Launched in January 2015, the DCAM Model is the documentation of the capabilities and best practices required to establish a sustainable data management programme and is used to assess a firm’s current and future desired state, identify gaps in current capabilities and enable informed decisions on the spending of data management budgets. The model is based on the collective experience of data practitioners across the global financial information industry and can be leveraged to help meet many of the current regulatory demands regarding risk data aggregation of quality and timely data, including BCBS 239, EMIR and MiFID II.
Hatstand, an EDM Council member since July 2015, has joined as an authorised partner assigning senior practitioners within its organisation to complete EDM Council’s DCAM training and accreditation courses. This accreditation entitles them to perform assessment leveraging the DCAM methodology. As a trusted data management subject matter expert, Hatstand is able to assist clients in conducting a DCAM assessment in an effort to help them understand their organisation’s data management capabilities and regulatory requirements on their data management programme; working with them to put a project plan in place to remediate identified gaps within their controls and processes.
Mike Meriton, Head of Commercial Services at the EDM Council comments: “Financial institutions are under significant pressure to meet regulatory demands and to drive operational efficiencies. Through applying DCAM our partners can help firms advance their data management capabilities and improve their regulatory readiness.”
In November 2015, the EDM Council issued its comprehensive benchmarking study based on DCAM on the state of data management across the global financial industry. Importantly, any firm that conducts a DCAM assessment can now not only see how their business internally measures against the industry standard but they can also benchmark their progress amongst their peer group.
Keith Delmarco, Global Head of Data Management at Hatstand adds: “Regulators around the globe are focusing increasingly on the quality, timeliness and accuracy of data generated by the firms they regulate. Having a best practice framework and sound data management strategy to work against, backed up by periodic risk assessments, is a clear and transparent way to evidence to the regulator a firm’s state of compliance.”
“The performance of annual (or more frequent) assessments is a key component of any data management strategy; it is one of the best metrics for senior management and the governance team to gauge the effectiveness of the programme, evidencing progress from the base case towards the desired state. We are proud to be an authorised partner for the DCAM Model and look forward to continuing to work closely with the EDM Council.”