Maximizing Metadata
![michael-shashoua-waters michael-shashoua-waters](/sites/default/files/styles/landscape_750_463/public/import/IMG/317/167317/michael-shashoua-waters.JPG.webp?h=acfe3244&itok=ceJMABf4)
Unlike the "telephony metadata" at the center of the US National Security Agency (NSA) surveillance controversy of recent weeks, the use of financial operations metadata should not reap global criticism.
Metadata can commonly mean a set of data comprised of attributes for each piece of data. In phone records, as was emphasized in the coverage of the NSA story, this means items such as length of calls, time of day and frequency of calls between the same parties. But for financial operations data, as discussed by attendees of last week's Sifma Tech Expo, this can be data about the parties to a transaction whose price is the starting, original data element, or other descriptive data about those transactions.
For instance, metadata can mean attributes created by an outside service provider to better enrich and calculate financial transaction data, as Eagle Investment Systems would define it, according to Jeremy Skaling, head of product management at the data technology and services provider. The company also sees metadata as a commodity that can be collected at a central point or utility, such as its Metadata Center service within its data management product.
Metadata may also be thought of as a categorization of firms' customer data to be available for linking to transaction data and other types of data, as Bob Molloy, associate partner, strategy and transformation, IBM Global Business Services, stated during the Sifma conference.
"For almost all our clients, when they put in compliance systems, they do it for that one system—with point-to-point linkage," he says. "All of a sudden, that won't work anymore. You must have flexible infrastructure. Being able to tie in metadata is becoming more important because you have to be able to link these records together effectively to be able to find all of them."
Capturing metadata has also become an important part of using the Data Management Maturity (DMM) model now taking hold at firms in the industry. Bank of America chief data officer John Bottega included the capture of metadata as a key element when building a new data governance program built on the DMM model last year.
The DMM model, released last year after three years in development, defines the parts, processes and capabilities necessary for effective data management. The model provides criteria for evaluating data management goals. Organizations are deriving value from the model itself, but have to think about metadata traits on top of the DMM model to really achieve the goals that the model's developers are aiming for—better data management to avoid the risks that caused damage to the industry in 2008.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Data Management
Insurers deny cyber premiums are rising
Contrary to banks’ complaints, underwriters and brokers claim current market for policies is soft.
Cutting through the hype surrounding the FDTA rulemaking process
A bill requiring US regulators and institutions to adopt a machine-readable data framework for reporting purposes applies to entity identifiers, but not security identifiers, in a crucial difference, writes Scott Preiss, SVP and global head of Cusip Global Services.
The IMD Wrap: Quality drivers—the sticks and carrots accelerating the data quality race
Like a Formula One Grand Prix, data management is a race that can be won or lost. And just as each race is part of a larger F1 championship that pays large sums of TV money to the winning team, winning or losing one race can contribute to winning or losing an endgame with much more at stake.
Northern Trust offers internal fund accounting, data tools to clients
Regulations and a mandate to enhance quality and transparency in a bid to improve the investor experience are pushing buy-side firms to have more oversight of their third-party providers.
$135.6m fines prompt Citi to modernize infrastructure, controls
The bank was hit with a combined $135.6 million fine on Wednesday for failing to resolve “longstanding internal controls and risk issues,” amid continued internal work across the enterprise.
SocGen pushes data, analytics use cases for SG Markets
The bank is letting a handful of clients experiment with its proprietary data and models to inform their research.
Finra clears hurdle with CAT launch, but several others remain
Two major components of the consolidated audit trail are now in place. But wrangling over the CAT’s future continues.
Ace high or busted flush? Digital Asset’s mixed fortunes mirror DLT adversity
The vendor hoped to remodel post-trade using blockchain technology—and it still might—but its bumpy progress raises questions over the future of DLT in finance.