VIDEO | Bank of Canada Corporate Services and Data MD: Data Is Valuable Only if Coupled With Analytics

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(US and Canada) Julie Champagne, Managing Director of Corporate Services and Data at Bank of Canada, speaks with Robert Lutton, Sandhill Consultants Vice President, in a video interview about business value outcomes, the need for a strong analytics background, and the expected value from the bank’s digital journey.

Champagne says business value outcomes are connected directly to the bank’s core objectives and strategic plan. One goal is to harness the power of innovation.

She adds that data and analytics underpin everything, making it crucial to expand the type of data and its timeliness and bring insights forward. Champagne shares that the organization has been building its data science and analytics team to provide the services hand-in-hand with the business partners.

Elaborating, she says it is essential to fully explain the data-driven decision process and be open, transparent, and reliable. These foundational pieces will help support and embed innovation and train the workforce, Champagne notes.

When asked if data leaders should have a strong data and analytics profile, Champagne replies that it will become more and more important because data is only valuable if coupled with analytics. She says the goal should be to link data, analytics, business knowledge, and strategic outlook — and even influencing and communication skills — to drive change.

Regarding the alignment between the Enterprise Data Management (EDM) portfolio and the Data Management Capability Assessment (DMCA)) model, Champagne says she promotes the EDM Council's resources — such as white papers, courses, and conferences — throughout the bank, as well as promoting a lot of women in data.

Sharing her views on the expected value from the Bank of Canada’s digital journey, she says the plan is to be a digital-first bank in all aspects of the business.

According to Champagne, the journey is built on four key pillars: