NEW YORKâ June 8, 2005 â IBM, SunGard, and GoldenSource Corporationâ¢ today announced the launch of the Enterprise Data Management (EDM) Council. Formed by over 20 C-level executives from corporate and investment banks, asset management companies, securities services firms and industry vendors. The Council is designed to create, enhance and sustain awareness of EDM as an urgent priority for the financial services industry. IBM, SunGard and GoldenSource are the founding sponsors of this strategic initiative, which is expected to attract additional sponsors and members from the vendor and financial services communities.
The goal of EDM is to standardise and integrate reference and transaction data that includes the five categories of data central to business processes and information needs in the financial services industry: securities, customers, counterparties, transactions and positions. The Council will promote EDM and related standards as a solution to help meet todayâs data management challenges while providing assistance on data management issues to its members. Council members are leading figures in the financial services community, bringing knowledge and expertise on the issues.
"Compliance with regulatory requirements, such as Basel II, Sarbanes-Oxley or Know Your Customer, is reliant on EDM," said Dale Richards, president, enterprise data management, SunGard. "By bringing industry leaders together, the EDM Council can share best practices, and ultimately assist financial services institutions in tackling these compliance challenges."
"The launch of the EDM Council is in response to the urgency of data management challenges that the industry faces, where EDM is clearly identified as a top priority for financial services institutions," said Michael Meriton, president and ceo, GoldenSource Corporation. "Financial services companies and vendors are collaborating closely to ensure that EDM is recognised as the solution towards overcoming the complexities and risks of disparate data silos."
One of the Councilâs first initiatives is a discussion forum on June 16, 2005, from 8 â 11:30 a.m. at the Westin Hotel, in New York City. The seminar will be hosted by distinguished industry speakers: Dr. Michael Hammer, originator of re-engineering and the process enterprise; Sang Lee, Managing Partner of Aite Group, and Michael Meriton, president and ceo, GoldenSource Corporation. Panel members include: John Bottega, director and global head of product & price reference data at CSFB; Dan Nachtman, principal, Banc of America Securities; Dale Richards, president, enterprise data management, SunGard, Dessa Glaser, managing director business development strategic outsourcing, IBM and Paul Kennedy, vice president product management, GoldenSource.
Following the seminar, the EDM Council members will hold their inaugural meeting. Future meetings will be held twice annually, and will be sponsored by Council Members.