Transforming Financial Services with Strategic Data Governance | Dan Power (Managing Director of Data Governance at State Street)
On this episode of The Data Storytellers podcast, we explore the integration of data, technology, and human capital in the financial services sector with Dan Power, Managing Director of Data Governance at State Street. Dan shares insights into the critical role of data governance in navigating complex regulatory environments and enhancing strategic operations. We discuss his journey from the frontline of data solutions to leading governance initiatives, emphasizing the importance of cross-functional collaboration, and the ethical considerations necessary for developing AI and machine learning within one of the most dynamic units of the bank.
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00:08 - Introduction to Dan Power and his role at State Street
00:31 - Overview of Dan's journey and the significance of data governance
01:49 - Dan’s passion for solving business problems with data solutions
03:38 - The role of a 'data diplomat' in linking IT and business goals
07:17 - How Dan's team operates as a buffer within the bank
10:47 - Addressing data quality issues and interfacing between bank divisions
12:21 - Initial challenges and strategic shifts in data governance
16:38 - Achievements in transforming data operations and culture
19:19 - Building trust and facilitating collaboration across the bank
23:16 - Detailed explanation of the data governance process at State Street
27:30 - Discussing the impacts of regulatory compliance on data strategy
32:45 - Success stories from implementing robust data governance frameworks
37:02 - The future of data governance and emerging technologies
41:15 - The importance of training and development in data roles
44:58 - Closing thoughts and advice for aspiring data professionals
