Managing Director, Data Governance, State Street Global Markets
Dan Power joined State Street Global Markets as a Managing Director and Head of Data Governance in March 2017.
Power has more than 20 years of experience in enterprise technology, management consulting, strategic alliances, marketing, corporate strategy, project management and entrepreneurship at companies including Dun & Bradstreet, Deloitte, and CSC.
Before joining State Street, he was the Principal Consultant at boutique consultancy Hub Designs, where he focused on thought leadership, strategy development and solution delivery for data governance, data quality and master data management. His clients included Apple, AIG, LexisNexis and Red Hat.
Power speaks regularly at tech conferences and has written more than 35 articles and white papers on data management. He studied computer science at Princeton University and has a degree in entrepreneurial studies from Babson College in Wellesley, MA.
Getting to know...
Ownership over data governance is a challenge many organizations face, how have you been working through this challenge within State Street, Dan?
State Street addressed this through a combination of an enterprise-wide function called Enterprise Data Governance & Management (EDGM) and having dedicated data governance teams in each business unit and corporate function – roughly 20 separate teams. This is known as a ‘federated’ approach, and it allows for a good combination of centralized guidance and management of data governance tools and infrastructure and having people who know the ins-and-outs of each business unit or corporate function. Within my business unit, Global Markets, I own data governance. I have three employees, who are each Data Steward Leads for two separate GM businesses. This approach works well for us, and we were recently recognized as the best DG team within State Street by an outside consulting firm.
What innovations are you hoping to see realized in the financial service sector over the next 12 months?
I think this has been a stressful 12 months for everyone. In terms of innovations, I’m hoping to see more firms move towards being a data-driven business, more automation in data governance and data quality, consolidation of legacy & transactional systems, better and faster tools for building trustworthy “versions of the truth” for different downstream consumers, and better analysis & visualization tools, as well as the continued introduction of artificial intelligence and machine learning. Working backwards from the desired end result, we need better data pipelines and better tools for operational data quality, more of a low-code / no-code approach to empower business analysts and reduce dependency on developers, and a “pathway to free” to reduce the current high costs of provisioning data in a secure, reliable way from many providers to many consumers. That would be enough innovation for me over the next 12 months!