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Board of Governors of the Federal Reserve System
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Annual Performance Report 2015

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 and ensuring clear roles and responsibilities among the chief data officer, the Board Data Council (BDC), and data users.

In this Section:

2015 Initiatives and Accomplishments

  • Improve the OCDO foundation to strengthen and improve the building blocks of the Board's data governance and data management operations to support the Board's scale and capacity needs.

    • Evaluated enterprise metadata tools and issued a request for proposal to qualified vendors.
    • Completed foundational work on the Information Collection Clearance Automation project in preparation for implementation in 2016. The goal of this project is to enhance compliance with the Office of Management and Budget and the Paperwork Reduction Act mandates, allow for more efficient use of Board resources, and gain efficiencies by improving business performance through modernization and innovation.

  • Operate the Board Data Council.

    • Executed the 2015 roadmap for BDC governance projects.
    • Delivered the Board's first enterprise data strategy and the associated roadmap prioritizing objectives and initiatives within the strategy.
    • Collaborated with Board divisions to improve communication and understanding regarding data management roles and responsibilities.
    • Continued data stewardship activities throughout the Board to enhance data accountability.

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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:

2015 Initiatives and Accomplishments

  • Establish the Enterprise Data Governance Framework.

    • Created the Enterprise Data Governance Framework and reviewed with BDC members to obtain endorsement.
    • Instituted Metadata Management as the first capability to build out in support of the enterprise data inventory; this capability is foundational to the overall framework. The Board will develop other framework capabilities over the coming years as the governance program matures.

  • Continue to mature the data governance program and data stewardship program and facilitate work between the Board and System governance groups.

    • Presented recommendations and a future strategy for the Data Management Business Services re-architecture project. The purpose of this project is to automate and modernize the OCDO's environment for the intake, management, and dissemination of data to permit future growth and scalability. The Board continues to require increasing amounts of data to perform its mission, which necessitates a robust data management environment.
    • Launched a project to create a centralized data location for all OCDO managed data obtained from the statistical agencies and other sources.

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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:

2015 Initiatives and Accomplishments

  • Finalize the Board's enterprise data strategy.

    • Finalized the Board's enterprise data strategy and presented it to senior management and stakeholders.

  • Ensure that data assets and architecture are captured and that a comprehensive catalog of Board data assets is compiled. The OCDO team will develop the processes and policies for a clearly defined program that allows for the leveraging of architecture content across business and technology groups invested in Board-owned enterprise data.

    • Completed work on the EDI Lite and Taxonomy Lite projects, which focus on improving discoverability of data assets for economic data and financial institution data, as well as search and discoverability efforts. These pilot projects informed the planning for the full EDI effort that will begin in 2016.

  • Establish a data education program.

    • Partnered with the other Board data management functions to create a framework for a long-term data education and awareness communication program.

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Last update: May 17, 2016

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