Did you know that less than 30% of financial firms have mature data management practices across the organization? That percentage is astounding when you think about the myriad regulations we face and the organizational dependencies we have with data. How is your organization managing the strategy and day-to-day operations of data? Jeff Gorball, the only person with accreditations in DMM and DCAM, breaks down the difference between the two models.
WHAT IS THE DMM MODEL?
Released in June of 2014, the Data Management Maturity (DMM℠) model provides a standardized set of practices across 6 categories and nearly 800 specific practices, providing organizations standardized best practices to improve the performance, predictability and efficiency of how data is used and managed throughout businesses and divisions. The DMM model’s main goal is to help organizations become more proficient in managing their critical data assets to ensure the data is fit for purpose, while at the same time providing a consistent and objective method for measuring capabilities and maturity of data management. When utilized, the DMM model identifies specific areas of strength, weakness, and areas for improvement throughout the data lifecycle of an organization, aligning data practices with the business objectives of the organization including all areas from IT, Finance, and Operations, to Compliance, Risk, and client-facing areas.
The DMM model was designed over the course of 4 years, with numerous revisions and peer reviews by hundreds of professionals across a wide spectrum of industries, professions and expertise, released and managed by the CMMI Institute, the world leader in Maturity Models (CMMI Institute). Kingland is an originating founder of the concept and co-developer of the DMM Model, and is one of only a few organizations with a Certified Enterprise Data Management Expert (EDME) authorized to train and provide consulting on the model.
THE DATA MANAGEMENT CAPABILITY ASSESSMENT MODEL (DCAM™)
The DCAM was created by the Enterprise Data Management Council to provide a synthesized method to assess the capabilities required to establish, enable and sustain a mature data management program. It addresses the strategies, organizational structures, technology and operational activities to successfully drive data management. As a participant in the foundational content for the DCAM, Kingland was an early organization with a certified expert on the DCAM, authorized to provide consulting services around the model.
Managing data it today's environment starts by recognizing that proper data management is about managing within a control framework. The DCAM helps identify this framework by defining the capabilities required to make data management a critical part of a firms everyday operational fabric.