Ramesh Nair, Principal, Financial Services, Information Management Leader at PwC discusses the opportunities and challenges facing chief data officers in the financial services sector.
In the summer of 2016 PwC and the CDO IQ Center at MIT convened a group of Chief Data Officers, representing global and regional financial institutions to discuss the regulatory mandates requiring consistent and timely data (the “Control” agenda). They also addressed the “C” suite recognition of the power of leveraging data for timely insights to drive growth and customer experience (the “Growth” agenda), which has solidified the CDO function as critical to the enterprise.
The discussion addressed best practices and innovative problem solving for CDO’s who now find themselves in the crosshairs of this tension to drive the control and growth mandates concurrently, sometimes with conflicting priorities. This tension that many Chief Data Officers face, balancing “control” needs with “growth” initiatives, we refer to as the “CDO Dual Mandate”.
Director, Financial Services, Information Services Practitioner , PwC US