Are Data Fabrics the Next Step Forward?
An executive virtual roundtable event on the future of data management
November 18, 2020 ● 13:30 GMT | 08:30 EST
Seven years ago, the Basel Committee on Banking Supervision published BCBS 239 and provided the impetus for financial institutions to invest in building their data management framework. These investments in both data management capability and governance are essential - but are they sufficient to address the structural problems of linking up disparate repositories of data and overcoming the technical challenges associated with rigid data structures?
Recent studies on the state of data management suggest that many in the financial industry are still engaged in implementing foundational practices of defining CDEs, building inventories, documenting lineage, performing ETL, and trying to lock down meaning across various glossaries. Is this still the case? Are the capabilities needed for long-term success in place and working?
Gartner suggests that it is not sufficient. They advise firms to invest in building a “data fabric” – a semantic content layer to harmonize data across their organizations. They suggest the need to invest in “data catalogues" augmented with machine learning and a strong "data integration backbone” all powered by semantic technology. This is the future that we envision as well. We are excited about the potential of knowledge graphs and semantic capability to capture and express meaning … to facilitate concept reuse … and to help unshackle companies from reliance on hard-coded (applications-centric) architecture.
This roundtable is designed to explore these issues and will be organized around a few core themes:
How has the mission and objective of data management changed and where do you think it is headed over the next 12-18 months?
Is your firm familiar with the concept of a semantic “data fabric” to enable a redirection of resources away from data reconciliation and toward more useful business objectives?
What are the biggest inhibitors to the adoption of new data management approaches and what should the industry be thinking about before we can make this transition?
The EKG Foundation will be conducting an anonymous survey to help establish a baseline for participants. The composite results will be available at the meeting.
Moderated by Michael Atkin,
Director, EKG Foundation
Mike is a financial industry analyst, founder of the EDM Council, and lecturer on the principles of data management at Columbia University