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Board of Governors of the Federal Reserve System
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Annual Performance Report 2013

Strategic Theme 2: Data Governance

Redesign data governance and management processes to enhance the Board's data environment.


Objective 2.1: Improve data governance by establishing a new office of the chief data officer (CDO) and ensuring that there are clear roles and responsibilities among the CDO, the Board Data Council (BDC), and data users.

In this Section:

The CDO and BDC will work with Board staff to develop an enterprisewide approach to data governance and management. Board divisions will participate in designing the overall data environment that supports the data needs of Board functions.

Accomplishments

  • Create the Office of the Chief Data Officer (OCDO) mission, charter, goals, and competencies.

    • Chief data officer and deputy chief data officer were hired in April 2013 and began work in May.
    • Staff transferred from Research and Statistics to the OCDO in June.
    • Developed the OCDO mission, scope, organizational structure, and 2014 budget as well as a staffing plan for additional framework positions.
    • OCDO service portfolio designed, which outlines the services the OCDO will provide to the Board in the areas of governance, architecture, data management, program management, and advisory.

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Objective 2.2: Ensure that all enterprise data are handled, processed, stored, and disseminated by professional data management groups.

In this Section:

The CDO and BDC will develop data standards that support monetary policy, supervision, financial stability, consumer protection, and economic research, while striving to meet the needs of the research and supervision communities.

Accomplishments
  • Relaunched a Board Data Council, composed of key enterprise stakeholders, to support enterprisewide data governance policies, processes, definitions, standards, and metrics.
  • Approved the BDC charter and operating guidelines in November.
  • Target completion in April 2014 for the priorities and activities document.

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Objective 2.3: Strengthen the Board's data environment by establishing an infrastructure to share data and improve opportunities for data integration that supports the Board's research and analytical capabilities.

In this Section:

Strategic investments in the data environment will address the changing landscape of data needs. This improved data environment will help establish a sharing infrastructure that facilitates internal and external access to data.

Accomplishments
  • Completed the OCDO's operating plan in December.
  • Began developing an enterprise data strategy document with completion expected in 2014.

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Last update: May 7, 2014

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