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Board Report: 2023-MO-B-001 January 18, 2023

The Board Can Enhance Enterprise Practices for Data Management Roles and Responsibilities

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The Board relies extensively on data to conduct research, analysis, and policymaking; supervise and regulate certain financial institutions and activities; oversee important aspects of the nation's payments system; and promote consumer protection, fair lending, and community development. We evaluated the agency's practices related to roles and responsibilities for managing data.

The Board uses a decentralized data management model, resulting in varying definitions, training methods, and approaches to data inventory across agency divisions. Further, the chief data officer has not been formally granted authority over data management and governance, which may lead to challenges implementing action plans outlined in the Board's data strategy.

Our report contains recommendations.