A New and More Visible Leadership Role

The Chief Data Officer

Jennifer IppolitiCDO, Raymond James Financial

Care and Feeding of your New CDOAgenda:

Why So Visible?

Introduction

What a Chief Data Officer Does – or Ought to Do

History of the CDO Role

Chief Data Officers come in Flavors

Shaping the Role

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The CDO Role: Fast Facts

• are female (Gartner study)25%• of the job is building consensus (Jeff Kelly)50%• report to a business exec (Randy Bean, WSJ Online)64%• of CDO’s time is spent on data cleansing (10% on

business insight) – Michael Versace, IDC90%• # of infographics about CDOs produced by IBM so far2

About Me

• 2013 – Present: Raymond James Financial – Chief Data Officer

• 2008 – 2013: Wipro Technologies– Global Practice Director, Data Management

• 2007 – 2008: Lehman Brothers / Barclays Capital– Global Data Management Services (CDO Team)

• 1997 – 2007: Accenture– Data Management Practice – Founding Member– JP Morgan Chase – Trading Technology Lead

• 1996 – 1997: Banque Paribas– Trading Technology Lead

• 1991 – 1996: Crédit Lyonnais– Disaster Recovery Coordinator– Mediocre Corporate Systems Developer

Fun Facts Worked at Lehman

during the bankruptcy

Traveled to India 11 times

Lived on a sailboat for 16 years

Care and Feeding of your New CDOAgenda:

Introduction

History of the CDO Role

What a Chief Data Officer Does – or Ought to Do

Why So Visible?

Chief Data Officers come in Flavors

Shaping the Role

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What exactly is a Chief Data Officer?

• “CDOs manage their companies’ enterprise-wide data

administration and data mining functions.” – Deloitte Consulting

• “[A CDO is…]a leader who is empowered to be the steward and champion of the

enterprise’s information.” – Capgemini

• [The CDO’s job is …] “identifying how data can be used to

support the company’s most important priorities. – Harvard

Business Review

• [The CDO’s job is … ] “Keeping their CEO from being broadcast live during

their “perp walk in his/her orange jumpsuit” for failure to accurately report on

SARBOX, Dodd-Frank, Basel III, etc.” – MIT 2013 CDO-IQ Summit

A brief history……of the CDO in Financial Services

201420122010200820062003

Capital One appoints a CDO

Things start getting crazy here

Citi appoints a CDO

The Fed poaches Citi’s CDO

BoA poaches the Fed’s CDO

BoA hires ex Yahoo CDO

Hadoop is born

Skytree reports 18% of orgs surveyed already had CDOs

Gartner reports # of CDOs doubled from 2012 to 2013

Credit Crisis

HSBC elevates CDO to Group level

Dodd-Frank

By the end of 2014, Gartner predicts 17% of large organizations will have a CDO

CSFB appoints a CDO

Northern Trust names a CDO

• Why did your firm appoint a CDO?

• How is it working out so far?

Q & A

Care and Feeding of your New CDOAgenda:

Introduction

Why So Visible?

What a Chief Data Officer Does – or Ought to Do

History of the CDO Role

Chief Data Officers come in Flavors

Shaping the Role

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Why So Trendy?“The Rise of the Chief Data Officer”

Explanation #1History of Google Searches on:

Big Data

Chief Data Officer

How regulated are we in Financial Services?

Let’s just say that a Financial Data Aggregation company called Alacra created a “Periodic Table of Bank Regulation and Compliance”

The Volcker rule alone includes

1,420 sub-questions

That’s 23 times longer than it’s predecessor,

Glass-Steagall

Dodd Frank law of 2010:

848 Pages

Explanation #2Regulatory Climate (it’s not pretty)

Care and Feeding of your New CDOAgenda:

Why So Visible?

Chief Data Officers come in Flavors

What a Chief Data Officer Does – or Ought to Do

History of the CDO Role

Introduction

Shaping the Role

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Typical reporting structures for CDOs

• Focus on regulatory compliance• Keeping the CEO out of jailRegulations

• Hadoop Lab in the conference room• Where can I find a Data Scientist?Big Data & Analytics

• Our Data is Pretty Broken• Still trying to centralize our dataData Quality

• Need to get decisions made• Our data is out of control

Governance & Policy

• How (or what) can we sell or cross-sell to our clients?

Revenue Generation

CRO

CIO or CMO

COO or CIO

COO or CEO

CMO

• What kind of CDO do you have?

• What kind of CDO do you need?

Q & A

Care and Feeding of your New CDOAgenda:

Why So Visible?

Chief Data Officers come in Flavors

What a Chief Data Officer Does – or Ought to Do

History of the CDO Role

Introduction

Shaping the Role

✓

1

2

3

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A typical non-IT CDO’s Responsibilities…keep in mind, there is no “typical” CDO!

Functional Scope• Governance• Strategy• Administration• Quality & Stewardship• Technology Partner

Data Scope• Instrument• Client & Account• Assets & Liabilities• Legal Entity/ Counterparty• Pricing• Corporate Actions• Org Structure• Unstructured Data• Analytics

Organizational Scope• RJA• RJFS• Bank• Insurance• Asset Management• Capital Markets• Regions• Marketing• Compliance• Risk• Finance

Out of Scope: Development, Architecture, Analytics

Deep DiveFunctional Scope

Functional Scope•Governance• Strategy•Administration•Quality &

Stewardship•Technology

Partner

Sets policy, standards, definitions for in-scope data. Gets decisions made.

Sets strategic direction and roadmaps for in-scope data

Manages data procurement, contracts, entitlements, and vendor relationships

Data Operations: Stewards the data housed within enterprise master databases; maintains an agreed level of quality

“One stop shopping” for data and business ownership; if we don’t directly own it, we know who does

GovernanceThe Meeting Lifecycle

Creation

Expansion

Documentation

Starting Late

Sending Delegates

Disbanding

Governance: Really?Do we have to? Really?

• What Management Thinks They Want– Steering Committees– Special Purpose Committees – Working Groups– Governance Committees to Govern the

Governance

• What Management Actually Needs– “Nomadic Governance”

CDO – CIO PartnershipHow it works at Raymond James

Implementable

Enterprise Level

Consistent Definitions

• The CDO function gathers requirements that help Technology build systems and tools that can be used across the entire enterprise

• The CDO function collects multiple, possibly inconsistent or conflicting requests from the business and provides one consolidated view

One set of Consolidated Business Requirements

Client Reporting

GPM

Client Onboarding

Key Principles

How the CDO and IT Divide and Conquer

CDO – CIO Partnership

Real-Life Example: Consolidated Client Master

Business Requirements

Data Requirements

Scoping

High Level Data Concepts and

Definitions

Functional Requirements

Design

Code

Build

Test

Run

BusinessDecisions

• Would it make your life easier if someone else was driving getting business decisions made?

CDO – CIO PartnershipOpen Discussion

• What kind of challenges do you have that a CDO might be able to help with?

• Is the partnership working for you? Why? Why not?

• Who do you think your CDO should report to … and why?

Q & A

Care and Feeding of your New CDOAgenda:

Why So Visible?

Chief Data Officers come in Flavors

What a Chief Data Officer Does – or Ought to Do

History of the CDO Role

Introduction

Shaping the Role✓

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3

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• Why do we need a CDO?• Does the CDO have a staff?• Will the CDO manage with authority or by

persuasion?• Who does the CDO support?• What kind of data does the CDO support?• What is out of scope for the CDO?

Questions to Ask Yourself

Thank you!

Any Questions?