LONDON and NEW YORK, October 21, 2015 /PRNewswire/ --
- The Data Management Capability Model (DCAM) Authorised Partner Programme formally launched in January 2015
- The addition of GFT brings the total number of DCAM partners to 10, with GFT being the leading business and IT consultancy focused exclusively on financial services
- The DCAM initiative aims to provide a health check for banks to assess data quality best practice
Today, GFT, the leading business, design and technology consultancy working with the top 10 global investment banks, announces their partnership with the Enterprise Data Management (EDM) Council to support firms in the adoption of best practices for data management. Part of the service is the offer of a health check for banks to assess their data quality best practice.
The Data Management Capability Model (DCAM) Authorised Partner Programme was officially launched by the EDM Council in January 2015, having been formulated from industry best practices over the last 10 years. Designed by the EDM Council's data management professionals to address the operational challenges that arise during regulatory implementation, it will assist financial institutions in complying with stricter requirements on data management capabilities, including BCBS239, EMIR and MiFID II. The programme documents 37 essential capabilities and 115 sub-capabilities associated with the development of sustainable data management processes.
Since the 2008 financial crisis, incoming regulations have tasked banks with aggregating their risk exposures and identifying concentrations of risk. GFT's adopted version of DCAM will enhance the efforts of global banks as they prepare for the pending BCBS239 deadline, in particular. All Global Systemically Important Banks (G-SIBs) will need to be compliant to BCBS239 by January 2016, whilst Domestic Systemically Important Banks (D-SIBs) need to meet the principles within three years of registering.
"To attain the data management capabilities demanded by new, even more onerous regulations, firms will need to establish responsibility and accountability for data ownership across the entire enterprise," says Nick Weisfeld, Co-head of the Data Practice at GFT. "Data management requires consistent measurement and evaluation in order to be effective. As we move towards BCBS239 January 2016 milestone, the focus will change to embed the principles into the 'run-the-bank' environment. We see DCAM as providing an excellent framework in order to measure and benchmark that journey".
"We are delighted to have GFT on board as a DCAM partner," says Michael Meriton, Head of Commercial Services at the EDM Council. "Having a consultancy of GFT's global reach and experience that is focused on the key data challenges within the largest investment banks, is a testament to the quality of the DCAM programme. We look forward to expanding the network of authorised DCAM partners as we continue to establish DCAM as the industry benchmark for data management".
GFT Group is a business change and technology consultancy trusted by the worlds' leading financial services institutions to solve their most critical challenges. Specifically defining answers to the current constant of regulatory change - whilst innovating to meet the demands of the digital revolution. GFT Group brings together advisory, creative and technology capabilities with innovation culture and specialist knowledge of the finance sector, to transform the client's businesses.
Utilising the CODE_n innovation platform, GFT is able to provide international start-ups, technology pioneers and established companies access to a global network, which enables them to tap into the disruptive trends in financial services markets and harness them for their out of the box thinking. Headquartered in Germany, the GFT Technologies SE achieved consolidated revenue of around EUR 365 million in 2014 and is represented in eleven countries with a global team spanning 3,300 employees. The GFT share is listed on the Frankfurt Stock Exchange in the TecDAX (ISIN: DE0005800601).
For more information on GFT visit here: http://www.gft.com
About the EDM Council
The EDM council is a non-profit trade association founded by the financial industry to elevate the practice of data management as a business and operational priority. The Council is a leading advocate for the development and implementation of data content standards and the publication of data management best practices.
For more information on the DCAM visit here: http://www.edmcouncil.org/dcam
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SOURCE GFT Group