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Note: These slides were prepared for presentation at Open Government Forum. These slides are intended only as a primer on the basic topics covered; they reflect the authors views and not necessarily those of the Federal Reserve Board or anyone else associated with the Federal Reserve System. Open Data Efforts from a Chief Data Officers Perspective Slide 2 4/23/2014 Federal Reserve Board 2 Open Data 500 Study; Joel Gurin, Sr. Advisor, Governance Lab, http://www.opendata500.com/ We have better and better evidence that the commercial application of open data is widespread and comes in many forms. 2014 feels like the year open data is coming of an age as a source for business ideas. Joel Gurin Slide 3 Introduction 4/23/2014 Federal Reserve Board 3 Federal Reserve Board (FRB, Board) Mission to provide the nation with a safer, more flexible, and more stable monetary and financial system Micheline Casey First FRB Chief Data Officer Report to FRB Chief Operating Officer First U.S. State Government Chief Data Officer (Colorado) Office of the Chief Data Officer (OCDO) was created through the Boards Strategic Framework, 2012-2015. Slide 4 Introduction Office of the Chief Data Officer 4/23/2014 Federal Reserve Board 4 Started in May 2013 Mission OCDO supports the Boards interdisciplinary approach to monetary policy, supervision, and financial stability through strategic thought leadership, policy setting, advisory services and collaborative outreach to optimize enterprise data and information assets. Enterprise data governance and data management services across Board and Board-delegated functions Slide 5 United States Open Data Efforts Start at the Top 4/23/2014 Federal Reserve Board 5 Slide 6 http://www.whitehouse.gov/sites/default/files /omb/assets/memoranda_fy2009/m09-12.pdf http://www.whitehouse.gov/sites/de fault/files/omb/memoranda/2013/m -13-13.pdf http://www.whitehouse.gov/sites/defau lt/files/omb/memoranda/2014/m-14- 06.pdf Maturation of U.S. Federal Government Open Data Efforts Slide 7 4/23/2014 Federal Reserve Board 7 Board Efforts in Support of Open Data Demand Side Fed Reserve pulls in large volumes of a variety of open data sets from other Federal agencies Improves opportunities to discover new trends and connections Enhances ability of Fed Reserve to modernize key market measures and algorithms Support operational efficiency and infrastructure modernization efforts Supply Side Builds on efforts the Fed Reserve has been doing for years Supports economic, monetary policy, and financial stability research globally Supports consumer confidence, protection and trust Transparency is at the core of trust and stability, we must continue to pursue Slide 8 4/23/2014 Federal Reserve Board 8 Data Governance In Support of Open Data Data governance is the exercise of authority, control, and shared decision-making (planning, monitoring, and enforcement) over the management of data assets over their life cycle. Data governance efforts support the quality and integrity of open data efforts, resulting in enhanced public trust Federal Reserve Board data governance efforts include: OCDO data governance team Board Data Council Specific data governance policies, processes, and standards for data management activities The Board consumes data from other federal organizations and other open data sources so quality and access is important to us too! Slide 9 Data Governance supports Data Interoperability 4/23/2014 Federal Reserve Board 9 Systems engage effectively and have shared rules and signals.. Institutional Ability for humans to understand each other and work together. Human Ability for data to be portable and fluid across systems, applications, and devices. DataTechnology Data governance supplies the discipline to deal with both the predictable and unpredictable nature of new data acquisition and data distribution across the organization. Systems can connect to one another, often through an explicit, agreed-upon interface. OCDO Slide 10 4/23/2014 Federal Reserve Board 10 Board Open Data Efforts Today Data Types Macro-economic data Micro-economic data Statistical information Banking and financial data International economic data Policy making information Slide 11 Board Open Data Efforts Today http://www.federalreserve.gov/bankinforeg/default. htm http ://www.federalreserve.gov/econresdata/default.ht m Slide 12 4/23/2014 Federal Reserve Board 12 http://www.federalreserve.gov/datadownload/ Board Open Data Efforts Today Slide 13 http://www.federalreserve.gov/econresdata/notes/feds- notes/2014/a-tool-for-macroeconomic-policy-analysis.html http://www.federalreserve.gov/ econresdata/workingpapers.htm Slide 14 Board Open Data Efforts Today http://www.ffiec.gov/nicpubweb /nicweb/nichome.aspx Slide 15 Board Open Data Efforts Today http://www.federalreserve.gov/monetarypolicy/ fomc.htm Slide 16 Users of Boards data 4/23/2014 Federal Reserve Board 16 Open Data 500 Study; Joel Gurin, Sr. Advisor, Governance Lab, http://www.opendata500.com/ Slide 17 4/23/2014 Federal Reserve Board 17 The Future of the Boards Open Data Efforts Strategic activities Development of open data strategy and plan Improvement of user experience and usability Operational activities Data governance efforts to support data quality and publication efforts Standards setting Data portal creation and consolidation of existing web sites Social media efforts Leveraging social media to support communication out and engagement with the public Crowd sourcing priorities for publications and enhancements Slide 18 Transparency And The Government Government should be transparent. Transparency promotes accountability and provides information for citizens about what their Government is doing. Information maintained by the Federal Government is a national asset. My Administration will take appropriate action, consistent with law and policy, to disclose information rapidly in forms that the public may readily find and use. Executive departments and agencies should harness new technologies to put information about their operations and decisions online and readily available to the public. Executive departments and agencies should also solicit public feedback to identify information of greatest use to the public. -Barack Obama, President of the United States. "The complex challenges we face as a nation are best addressed in an environment of informed public discourse, which is only possible when policy decisions are made in as transparent a way as possible. -Ben Bernanke, Former Chair of the Federal Reserve 2006-2014 "The level of transparency and communication has increased by an order of magnitude (since the mid-1990s). -Janet Yellen, Chair of the Federal Reserve 2014-Present Slide 19 4/23/2014 Federal Reserve Board 19 Micheline Casey Chief Data Officer Federal Reserve Board Micheline.Casey@frb.gov Thank you! http://www.federalreserve.gov/Follow us: @federalreserve Follow me: @michelinecasey