understanding the data implications of financial regulation
The EDM Council provides consultation and advice to members, regulators and market authorities on the data implications associated with legislative and regulatory obligations.
Our goal is to help all financial industry participants understand the practical data and standards implications and to support regulatory implementation for the business and operational needs of financial institutions, as well as the oversight requirements of market authorities.
The Council also provides facilitation among financial institutions, regulators, market authorities, vendors and infrastructure companies to adopt the standards required to implement a "data control environment" and address the core challenges of data harmonization, flexible classification, consistent aggregation, data validation and linked-risk analysis.
The Council works closely with global regulators and market authorities to adopt data standards and implement data management best practice and has provided data management assessment and capability training (DCAM) to regulators across the globe. As a component of our advocacy, the Council is working with global regulators on the precision of data meaning, the adoption of standards for instrument and entity identification, modernization of regulatory reporting and the adoption of standard criteria for the evaluation of data management capability.
Council staff have been active participants in several regulatory advisory bodies, including...
The EDM Council works closely with its members in their efforts to establish effective data management programs that are critical to addressing their regulatory report obligations.
The Council, through the facilitation of its Best Practices Program, organizes events, webinars, group discussions and working groups that focus on data management capabilities and data standards needed to address the various regulations.
Topics such as defining the Data Governance Playbook, identifying Critical Data Elements (CDEs), aligning data management capabilities to the Principles of BCBS 239, and analyzing the role of data management in support of GDPR, are all examples of the Council’s commitment to work with its members (from both public and private sectors), to assist in implementing successful data management programs in support of their regulatory obligations.