The Chief Data Officer A New and More

The Chief Data Officer A New and More Visible Leadership Role Jennifer Ippoliti CDO, Raymond James Financial

Agenda: Care and Feeding of your New CDO ✓ 1 Introduction 2 History of the CDO Role 3 Why So Visible? 4 Chief Data Officers come in Flavors 5 What a Chief Data Officer Does – or Ought to Do 6 Shaping the Role

The CDO Role: Fast Facts 25% • are female (Gartner study) 50% • of the job is building consensus (Jeff Kelly) 64% • report to a business exec (Randy Bean, WSJ Online) 90% • of CDO’s time is spent on data cleansing (10% on business insight) – Michael Versace, IDC 2 • # of infographics about CDOs produced by IBM so far

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 Fun Facts § Worked at Lehman during the bankruptcy § Traveled to India 11 times § Lived on a sailboat for 16 years – 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

Agenda: Care and Feeding of your New CDO ✓ 1 Introduction 2 History of the CDO Role 3 Why So Visible? 4 Chief Data Officers come in Flavors 5 What a Chief Data Officer Does – or Ought to Do 6 Shaping the Role

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 By the end of 2014, Gartner predicts 17% of large organizations will have a CDO Thin gs s Northern Trust names a CDO tart gett ing c razy Capital One appoints a CDO 2003 Citi appoints a CDO here The Fed poaches Citi’s CDO Bo. A hires ex Yahoo CDO Gartner reports # of CDOs doubled from 2012 to 2013 CSFB appoints a CDO Bo. A poaches the Fed’s CDO HSBC elevates CDO to Group level Skytree reports 18% of orgs surveyed already had CDOs 2006 Hadoop is born 2008 Credit Crisis 2010 2012 Dodd-Frank 2014

Q&A • Why did your firm appoint a CDO? • How is it working out so far?

Agenda: Care and Feeding of your New CDO ✓ 1 Introduction 2 History of the CDO Role 3 Why So Visible? 4 Chief Data Officers come in Flavors 5 What a Chief Data Officer Does – or Ought to Do 6 Shaping the Role

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

Explanation #1 History of Google Searches on: Chief Data Officer Big Data

Explanation #2 Regulatory Climate (it’s not pretty) Dodd Frank law of 2010: 848 Pages That’s 23 times longer than it’s predecessor, Glass-Steagall How regulated are we in Financial Services? The Volcker rule alone includes 1, 420 subquestions Let’s just say that a Financial Data Aggregation company called Alacra created a “Periodic Table of Bank Regulation and Compliance”

Agenda: Care and Feeding of your New CDO ✓ 1 Introduction 2 History of the CDO Role 3 Why So Visible? 4 Chief Data Officers come in Flavors 5 What a Chief Data Officer Does – or Ought to Do 6 Shaping the Role

Typical reporting structures for CDOs Regulations • Focus on regulatory compliance • Keeping the CEO out of jail • Hadoop Lab in the conference room CIO or CMO • Our Data is Pretty Broken • Still trying to centralize our data COO or CIO • Need to get decisions made • Our data is out of control COO or CEO Big Data & Analytics • Where can I find a Data Scientist? Data Quality Governance & Policy Revenue Generation CRO • How (or what) can we sell or crosssell to our clients? CMO

Q&A • What kind of CDO do you have? • What kind of CDO do you need?

Agenda: Care and Feeding of your New CDO ✓ 1 Introduction 2 History of the CDO Role 3 Why So Visible? 4 Chief Data Officers come in Flavors 5 What a Chief Data Officer Does – or Ought to Do 6 Shaping the Role

A typical non-IT CDO’s Responsibilities …keep in mind, there is no “typical” CDO! Functional Scope Data Scope Organizational Scope • Governance • Strategy • Administration • Quality & Stewardship • Technology Partner • Instrument • Client & Account • Assets & Liabilities • Legal Entity/ Counterparty • Pricing • Corporate Actions • Org Structure • Unstructured Data • Analytics • RJA • RJFS • Bank • Insurance • Asset Management • Capital Markets • Regions • Marketing • Compliance • Risk • Finance Out of Scope: Development, Architecture, Analytics

Deep Dive Functional Scope Sets policy, standards, definitions for in-scope data. Gets decisions made. Functional Scope • Governance • Strategy • Administration • Quality & Stewardship • Technology Partner 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; we don’t directly own it, we know who does if

Governance The Meeting Lifecycle Starting Late Sending Delegates Documentation Expansion Creation 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 Partnership How it works at Raymond James Key Principles Client Onboarding GPM Client Reporting • 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 Implementable One set of Consolidated Business Requirements Enterprise Level Consistent Definitions

CDO – CIO Partnership Real-Life Example: Consolidated Client Master How the CDO and IT Divide and Conquer Scoping High Level Data Concepts and Definitions Business Decisions Build Test Run Data Requirements Design Code Business Requirements Functional Requirements

CDO – CIO Partnership Open Discussion • Would it make your life easier if someone else was driving getting business decisions made?

Q&A • What kind of challenges do you have that a CDO might be able to help with? • Is the partnership working for you? Why not? • Who do you think your CDO should report to … and why?

Agenda: Care and Feeding of your New CDO 1 Introduction 2 History of the CDO Role 3 ✓ Why So Visible? 4 Chief Data Officers come in Flavors 5 What a Chief Data Officer Does – or Ought to Do 6 Shaping the Role

Questions to Ask Yourself • 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?

Thank you! Any Questions?