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Board of Governors of the Federal Reserve System
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Annual Performance Plan 2014

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

In this Section:

The OCDO must strengthen and improve the building blocks of the Board's data governance and management operations to support the Board's scale and capacity needs. Because of the numerous programs that will be undertaken by the OCDO, the office must have deliberate and professional tracking and management of these programs to ensure maximum success. Being able to track and report on both new and existing projects, while also performing the day-to-day responsibilities of the OCDO function, is key in 2014.

Projects and Initiatives
  • Improve the OCDO foundation to strengthen and improve the building blocks of the Board's data governance and management operations to support the Board's scale and capacity needs.
    • Implement a staffing plan, policies and processes, technology plan, budgeting process, and internal management program.
    • Modernize OCDO service areas through automation of the clearance process and the development of a strategy for re-architecture of information management services.
    • Create OCDO engagement model to support division and system data governance and data management efforts.
  • Operate the BDC.
    • Develop, approve, and implement a 2014 roadmap.
  • Execute a program management office that will develop and implement a program that allows the OCDO to track and manage programs within the OCDO.

    • Implement a change-management and communications program utilizing feedback from stakeholder analysis, building senior leadership support and execution of a robust communications strategy and plan.
    • Implement a project management program by implementing a robust project management methodology.
    • Develop and implement a scalable training program that identifies knowledge gaps and training needs.

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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:

Data governance is a core part of the OCDO's mission. Data governance supplies the discipline to deal with both the predictable and the unpredictable nature of new data acquisition and data distribution across the organization. In 2014, the OCDO will work with the BDC to ensure data governance policies, processes, and standards are developed; a roadmap of high-priority activities is approved; and an engagement model with other System data governance activities is executed.

Projects and Initiatives
  • Develop a data governance program that facilitates and coordinates the strategic enterprise data governance activities for the Board.

    • Implement a data stewardship program including a Boardwide strategy and plan.
    • Improve training and education of Board staff on data management principles and best practices.
    • Develop the data governance program, implement a data governance tool, and facilitate work between the Board and System governance groups

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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:

The data maintained within the Board and across the System are critical to the Board's vision for improved data optimization. Knowledge around the existence of data and an understanding of the relationship of that data to the mission functions, services, and processes are key to that vision. Policies and processes need to be developed and implemented to capture and provide a comprehensive catalog of Board data assets. The development of an information architecture program is necessary to provide stakeholders the ability to integrate and optimize data across the organization around the integration control and access of data assets.

Projects and Initiatives
  • Discover data assets and architecture to ensure data assets are captured and 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.
    • Implement data inventory program, metadata repository, and enterprise data inventory tool.
    • Define and implement information architecture program, create metadata taxonomy, and develop information architecture content.
    • Measure and analyze data usage by developing a strategy and tool that describes and measures data usage for types.
    • Improve data dissemination through the creation of a Boardwide data strategy.

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Last update: June 13, 2014

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