What do the FIMA events represent to the data management community – why do people choose to attend?
This industry (like all others) needs a place to meet and interact with each other. For the most part, what FIMA provides is a mechanism for the data management community to congregate.

How have current market events impacted the data management community? Have data management projects suffered as a result of IT budget cutting?
This one is a double edged sword. There is no doubt that the recent events have helped shine the light on the importance of data management for risk, compliance, and reporting; on the importance of data quality as inputs into models and business processes; and on the importance of data consistency to help with integration. In some ways, the crisis in the financial markets is very good for the objectives of EDM.

The other edge of the sword is, of course, financial. This industry is certainly taking it on the chin and we’re far from out of the woods. Balance sheets are sick. We’re standing at the precipice of serious global recession. And the fundamentals for the immediate future are not pleasant. In times like this many firms operate under a serious cost containment mantra and with all sorts of spending freezes. I expect that to take place in the short run.

That being said, this crisis is good for data management. If we can’t take advantage of this situation to advance the objective, I’m not sure when we would.

What lessons have been learned in the field of data management since FIMA 2007 in London?
I believe we’ve learned that data management requires a cultural shift within financial institutions because it is a systemic objective and not easy to measure with spreadsheet metrics. We’ve also learned that the culture is fragile and often dependent on a single senior executive champion. When the champion departs, many firms find themselves back at square one.

We’ve learned about the importance of getting the foundation of data management right. If the underlying foundation is strong, it’s easier to build lots of data management structures, easier to extend utilities beyond initial applications, and much easier to do integration. Effective data management is not just a task to accomplish; instead it’s a way of operating. I believe we are starting to understand that it is better to ‘do it right’ than just to ‘do it fast’.

We’ve learned that data management is not really an IT function, nor is it really an operations function. It’s still hard to find the right home for data management with both the clout and cross functional reach it needs.

What are the likely hot topics for this year’s event in your opinion?
Financial meltdown. Global recession. Budgets. Regulation. Further consolidation of financial institutions. And the Avox party.

Has the increased regulatory focus on areas such as counterparty risk and fair value accounting impacted the data management industry?
Without a doubt. Regulatory engagement helps move data management projects from the discretionary to the mandatory line item. Regulatory challenges in comparing lots of data from lots of sources will push the problem of concordance (including standard tags and identifiers) back onto industry. And it’s not just for risk, pricing and valuation transparency. I think it is time to dust off the old STP papers – because payment and settlement automation is back in focus among regulators.

In what ways could the providers of data and data management technology better support financial institutions in their data management goals?
By helping to overcome data scarcity on exotics and by facilitating the creation of hierarchies and linkages. By making news and analysis easier to integrate and actionable. By reducing the amount of data transformation that takes place in our industry. By reducing barriers to redistribution and promoting data usage that mirrors where firms are heading. By partnering with their clients on improved data manufacturing processes and on better supply chain management.

What are the new challenges facing the industry in the data management space and how can these be overcome?
Aren’t the current menu of challenges enough?