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Board of Governors of the Federal Reserve System
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Annual Performance Plan 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 (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. In 2015, 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.

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.
    • Continue to modernize the OCDO service areas through the automation of the clearance process and the implementation of a strategy for re-architecture of information management services.
    • Continue to hire staff and mature the OCDO organization.
    • Continue to build strong collaborative relationships with Board divisions.
  • Operate the BDC.
    • Execute the 2015 roadmap for BDC governance projects.
    • Continue to partner with Board divisions to improve communication and understanding regarding data management roles and responsibilities.

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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 2015, the OCDO will work with the BDC to ensure data governance policies, processes, and standards are developed and an engagement model with other System data governance activities is executed.

Projects and Initiatives
  • Establish the Enterprise Data Governance Framework.
  • Continue to mature the data governance program and data stewardship programs, 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 Board's 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 access to data assets across the organization.

Projects and Initiatives
  • Finalize the Board's data strategy.
  • Ensure data assets and architecture 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.
    • Continue the Enterprise Data Inventory Lite and Taxonomy Lite pilot initiatives toward the development of the Board's data inventory.
    • Define and implement information architecture program, create metadata taxonomy, and develop information architecture content.
  • Establish a data education program.

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Last update: June 8, 2015

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