JPM Trading Losses Related to Pricing Discrepancy - A Data Governance Issue?

Video Segment:
http://www.bloomberg.com/video/93700605-new-twist-in-jpmorgan-loss-spotlights-pricing.html

Issue:

• Utilization of a different set of securities prices due to disparate Price Source of Record allowed the Office of the CIO at JPM to mark its books differently than the rest of the firm

• This difference in standards potentially allowed the trading desks at the Office of the CIO to shield itself from the firm's risk controls thus leading to the outsized losses (currently unrealized)

Governance Perspective:

• JPM seems to be in need of a single data governance organization with its associated controls and business owner (in the person of a Chief Data Officer) who would report directly to a C-Level executive
• Having this structure would be the basis of implementing 
• foundational data management infrastructure and practices
• unified governance structure with 
• key metrics & tolerances
• common language
• unified standards
• consistent controls

Hypothesis:

• Had the firm been standardized around a common Source of Record on Securities Prices, it would have been able to mark the Trading Book consistently with other Trading Books across the firm
• The Risk Organization could then compare and contrast the Value at Risk (VaR) between the Trading Books within the Office of the CIO and the Risk standards/control tolerances thus potentially highlighting the dangers earlier and minimizing the size of losses