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Talking to your CEO about the Chief Data Officer Role

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Talking to your CEO about the Chief Data Officer Role

  1. 1. @CraigMilroy © 11-2014 Chief Data Officer: Talking to your CEO about the CDO role Craig C. Milroy, Chief Data Architect
  2. 2. @CraigMilroy © 11-2014 … DATA Landscape
  3. 3. @CraigMilroy © 11-2014 Financial Services Industry Example 2000 2001 2002 2003 2004 2005 2006 2007 Retail Bank Investment Privatized Discount Brokerage Acquisition Retail Bank Investment in Foreign Bank Retail Bank acquisition Evolution to a retail focused, lower-risk bank Sarbanes- Oxley Basel II Solvency II Insurance acquisition #CLOUD #MOBILE #SOCIAL #WEB
  4. 4. @CraigMilroy © 11-2014 Financial Services Industry Example 2008 2009 2010 2011 2012 2013 2014 Increased Regulatory and Customer Demands Foreign Retail Bank Acquisition Credit Card Portfolio Acquisition Wealth Management Acquisition Foreign Retail Bank Acquisition Auto Finance Acquisition Credit Card Portfolio Acquisition Credit Card Portfolio Acquisition Dodd Frank SEC Proxy Disclosures Basel III FATCA Lehman Brothers #BIG DATA #OPEN DATA #INTERNET OF THINGS BCBS 239
  5. 5. @CraigMilroy © 11-2014 When did Banking Become So Complicated? Increased data demand
  6. 6. @CraigMilroy © 11-2014 Consumers LOB CIF ODS CIF LOB LOB LOB MDM When did Data Become So Complicated?
  7. 7. @CraigMilroy © 11-2014 Data Complexity and the recent rise of the CDO role…. Organizations are creating the office of the CDO to resolve business “pain-points” within data environments. …Gartner Inc. predicts that 25 percent of large global organizations will have appointed CDOs by 2015… Gartner Inc. 01/2014 Due to the relatively short history of the role, CDOs often operate without the benefit of formal industry guidance, frameworks or methodologies. … one size does not fit all ...
  8. 8. @CraigMilroy © 11-2014 Chief Data Officers are a good idea….. In February 2013 Gene Leganza of Forrester Research made the following observation: "Chief data officers are a good idea – but how is it going to work?" Gene Leganza’s blog, Forrester, February 2013. …determine the best approach for resource allocation and resolution... …organizations must understand the source of the challenges ...
  9. 9. @CraigMilroy © 11-2014 Businesses that understand opportunities within…. …The Office of the Chief Data Officer (OCDO) will enable an effective business technology response… …have an ability to create a competitive advantage within their target market…
  10. 10. @CraigMilroy © 11-2014 Connecting the "DOTS"
  11. 11. @CraigMilroy © 11-2014 Case in Point: Credit Card Data
  12. 12. @CraigMilroy © 11-2014 … it’s all about DATASILOISM… 12
  13. 13. @CraigMilroy © 11-2014 CDO Opportunity Compliance Risk Finance Compliance Risk Finance Retail Bank Customer Product Account Distribution Channels Customer Product Account Wealth Management Distribution Channels Customer Product Account Insurance Distribution Channels Customer Product Account Capital Markets Distribution Channels Customer Product Account Retail Bank Distribution Channels Marketing Marketing Geography
  14. 14. @CraigMilroy © 11-2014 CDO Opportunity Product Account Retail Bank Customer Product Account Wealth Management Product Account Insurance Customer Product Account Retail Bank Product Account Capital Markets Distribution Channels Distribution Channels Geography Marketing Compliance Risk Finance
  15. 15. @CraigMilroy © 11-2014 … it’s all about DATA
  16. 16. @CraigMilroy © 11-2014 … Elevator Pitch for CDO
  17. 17. @CraigMilroy © 11-2014 Define the Direction and Alignment ...Engagement of key executives to support the CDO conversation… Establish a process for involving key leaders that builds sustained understanding and commitment Promote Alignment Build a visible network of leaders to champion the Office of the CDO. Enable supporting behaviors for data collaboration and integration at the enterprise level. Drive Ownership Identify and address challenges before issues or resistance arises Address Concerns Empower leaders to accept overall shared accountability for the future success of the CDO. Build Accountability Communicate the boundaries of the CDO Role Manage Expectations
  18. 18. @CraigMilroy © 11-2014 What Would A CDO Mandate Look Like? Influence corporate strategy The voice of data Improve the bottom line Improve the top line Measure and manage data risk … its all about the Innovation Agenda... Customer Innovation Growth Speed Customer Customer Satisfaction Operational Risk Reduction Financial Efficiency Risk Exposure Regulatory Controls Responsiveness
  19. 19. @CraigMilroy © 11-2014 Establish an Elevator Pitch for the CDO •Demand for improved Customer Insights •Continued backlog of requests business insights •Limited understanding of the quality of the data being utilized •Company is unable to leverage data to support an innovation agenda Increased business demands for better and more available data is growing •Dodd Frank •BaselII/III •FATCA •Etc. Increased regulatory demands for data management are also adding to the urgency Leadership is required with the right level of authority Creation of the CDO role and supporting office is recommended No enterprise leadership in place to govern this asset but… Data is an asset similar to other defined assets
  20. 20. @CraigMilroy © 11-2014
  21. 21. @CraigMilroy © 11-2014 Office of the CDO - Overview 21 Chief Information Officer VP Information Management Director Data Management Database Administrator Data Architect Chief Data Officer Chief Analytics Officer Data Scientist Information Architect Chief Customer Officer Chief Marketing Officer Chief Risk Officer … shift data from a project to enterprise centric point of view…
  22. 22. @CraigMilroy © 11-2014 Office of the CDO - Overview 22 … OCDO needs to consider with an enterprise lens all business technology priorities… Innovation Security & Privacy Info. Lifecycle Management Data Database Management DB Data Integration Data Services Data Quality Customer Regulatory
  23. 23. @CraigMilroy © 11-2014 CDO Organizational Journey CDO Internal "Innovator" CDO The "Architect" … Enterprise needs to acquire a resource with broad ranging skills and that are relatively rare within the data conversation… CDO Internal "Networker" CDO External "Change Agent" Provides strategic direction to the business lines and enables a vision, strategy and plan that enables the business. Data Visionary and Leader that has the accountability to innovate. Facilitates and champions funding for the improvement initiatives. Enables joint planning with IT and lines of business to advance data analytics practices Defines strategic priorities for the management and delivery of data throughout the enterprise. Identify new business opportunities through the use of data assets to accelerate competitive advantage
  24. 24. @CraigMilroy © 11-2014 CDO Organizational Journey "Cloud Cover" CEO CDO CIO CxO CEO CDO CIO CxO "Value Realized" CEO CDO CIO CxO "Organizationally Focused" CDO LOB
  25. 25. @CraigMilroy © 11-2014 Office of the CDO - Straw man CIO CxO/LOB Board CDO Governance Strategy Innovation Enablement Analytics Communication Data Policy Data Quality Data Model Master Data Meta Data Clients We Serve Channels We Support Business Processes Data Foundation External Parties Supporting Technology Business Capabilities
  26. 26. @CraigMilroy © 11-2014 … it’s all about DATA LEADERSHIP 26
  27. 27. @CraigMilroy © 11-2014 … CDO Operating Model
  28. 28. @CraigMilroy © 11-2014 CDO Operating Model CIO Board CDO Governance Strategy Innovation Enablement Analytics Line of Business(s) Finance Compliance Risk Executive Enterprise Data Governance Council Working Data Governance Council LoB Data Governance Stewards/ Managers Data Architecture Analytics Community Data Communities
  29. 29. @CraigMilroy © 11-2014 Overall Data Program Working level Execution level Executive Enterprise Data Governance Council Working Data Governance Council LoB Data Governance Stewards/ Managers •Regulatory Projects •Dodd Frank •Basel II/III •BCBS 239 •FATCA •Customer Projects •Customer Experience •Innovation Projects •Mergers and Acquisitions •Data Quality Issues •Audit Queries •Data Aggregation •Business Projects Policy, Standards, Processes & Reporting Advisory on capabilities, tools and innovation Coordination, communication of activities Communication Innovation Quality Governance Enablement CDO Operating Model
  30. 30. @CraigMilroy © 11-2014 … Timing, Costs, Benefits
  31. 31. @CraigMilroy © 11-2014 Business Case Considerations •OCDO FTE, Consultants, other Resources •Training for each role and tools People •Design, implementation and operation of OCDO processes •Program development for core OCDO business capabilities. Process •Reduced cost of data storage •Reduced cost of regulatory and legal compliance •Reduced cost of recurring internal/ external findings Cost Savings •Hardware and software for the OCDO centric project/ programs as required Technology •Improved quality of data •Improved availability, accessibility, timeliness of data •Improved data controls, measurement and reporting Reduce Risk Inputs Outputs •New Business Models •New Revenue Opportunities •Strategically Relevant Data Solutions •Improved Customer Experience Opportunities Innovation
  32. 32. @CraigMilroy © 11-2014 Office of the CDO Evolution Q1 Q2 Q3 Q4 Q1 Q2 Q3 and Onwards Improved Business Value and Innovation Data Policies and Standards Data Communities Roadmap Assess and Complete High- Level Plans Continuous Communication CDO/CIO Alignment 3 Year Planning CDO Office Targets Develop Data Strategy Innovation Agenda Advanced Analytics CDO Office Build Out Continuous Engagement/ Improvement Long Term: True Business Value 12-24+ Months Mid-Term: Establishing the CDO Office 6-12 Months Foundational 0-6 months Board Engagement Data Project Engagement Enterprise Engaged OCDO Full Data Governance Council Operation
  33. 33. @CraigMilroy © 11-2014 … Take Away
  34. 34. @CraigMilroy © 11-2014 Take Away Increase data availability and reliability to optimize decisions and operations Enable Become the enterprise voice for data in order to reduce the cost, complexity and risk Advocate Alignment of the organization on the importance of data and elevate data as a strategic asset Communicate Demonstrate Innovative value to customers, employees and regulators Deliver Value
  35. 35. @CraigMilroy © 11-2014 … it’s all about DATA
  36. 36. @CraigMilroy © 11-2014 Banking, Big Data, Business Analytics, Business Architecture, Business Capability, Business Intelligence, Business Leadership Business Process, Business Transformation, Chief Data Architect, Cloud, Customer Centricity, Customer Relationship Management , Data Architecture , Data Assessments, Data Exploration, Data Governance, Data Integration, Data Process Modeling, Data Quality, Data Strategy, Data Streams, Data Visualization, Data Warehouse, Design, Financial Services, Enterprise Architecture, FSLDM, Hadoop, Information Lifecycle Management, Investment, Master Data Management, Metadata Management, Mobile, Next Generation Data Platform, Open Data, Open Source, Reference Data Management, Roadmap, Risk Management, Startup, Technology Stack, Thought Leadership craigmilroy ca.linkedin.com/in/craigcmilroy

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