Data Standardization - A Call To Action
Consistent application of financial data and reporting standards within and across jurisdictions remains an important unresolved legacy issue with risk management and financial stability implications. There is a need for the financial services industry, global regulators and other stakeholders to collaboratively build on their progress toward achieving a data standardization framework that addresses current deficiencies and allows innovative new technologies to be adopted. Establishing and implementing a common global language for financial instruments and transactions will create efficiency, reduce costs and result in the improved usability of financial data to create valuable information and manage systemic risk.
To support this effort, we believe:
- The Financial Stability Board (FSB) should continue to promote the consistent application of global data and reporting standards like the Legal Entity Identifier (LEI) across jurisdictions and monitor the progress of adoption.
- Individual jurisdictions should evaluate their individual regulatory frameworks to promote common data standards and best practices.
- International standard setters such as the FSB and Bank for International Settlements should regularly assess, in cooperation with other stakeholders, what additional new global data standards are needed.
- The private sector should continue to explore opportunities to drive data standardization in market process and practices both related and unrelated to regulatory requirements.
ROBIN DOYLE has worked at JPMorgan Chase for 25 years and is currently a Managing Director, Office of Regulatory Affairs, where she is responsible for developing strategic responses to a broad array of regulatory initiatives, analyzing the impact of regulatory proposals, developing the firm's positions and preparing for the implementation of final rules. She is a leader in global efforts to standardize reference data, and also is engaged in the areas of Payments and Anti-Money Laundering Policy. Previously, Ms. Doyle was the Chief Financial Officer for Corporate Risk reporting to the firm’s Chief Risk Officer and has worked in JPMC’s Chase Home Finance business unit and managed the Firm’s Accounting Policies Group.
Ms. Doyle is on the Board of Directors of the Global Legal Entity Identifier Foundation. She is a member of multiple ISO Committees and Trade Associations including GFMA, SIFMA, ISDA, and the New York Clearing House. She is a member of industry advisory committees for the Data Coalition, Financial Information Management Association (FIMA) and North American Financial Information Summit.
Ms. Doyle has an MBA in Finance from The Graduate School of Management, Rutgers University; a BS in Accounting from Rutgers, The State University; and is certified as a CPA in the State of NJ.