The evolving role of the chief data officer in European Financial Institutions

Details

Supervisors

Sarens, Gerrit

Faculty

Louvain School of Management

Degree label

Master [120] en sciences de gestion

Abstract

A new role is gaining ground in financial institutions: the Chief Data Officer (CDO). In septembre 2016, BNP Paribas Fortis appointed its first CDO, Jo Coutuer. According to Gartner (2017), the world’s leading research and advisory company, 17 % of larger organizations planned to have a CDO in 2014 and 90 % will have hired one by 2019. In 2014, there were more than 100 CDO in large global companies, this is more than double in 2012. (Gartner & Forny, 2017). What is the explanation for this sudden emergence? The proliferation of data affects the way the financial institutions operate and compete. “According to a BearingPoint Institute article on big data, the amount of information available in the world increased by a factor of 100 in last 20 years” (Piechocki, 2016, p.2). The complexity and the way data are collected is continually evolving. The 2008 global crisis has highlighted the importance for financial institutions to manage these data flows (Senior Supervisors Group. (October 21,2009). This can not be done without the expertise of a leader in data. The creation of this new position in the C-Suite requires the banks to reconsider their organizational structure. The challenge for banks is to define its role and integrate it to contribute to the success of the organization. The objective of this academic work is to understand the recent emergence of the chief data officer function and its current role. We will also expose the challenges facing the chief data officer. We will see that its role is evolving and that there is a real awareness of the importance of mastering data.