Components of a Data Governance Strategy in Financial Services

Perficient Data & Analytics

Previously, I analyzed the types of data in a governance program for financial services companies. Access to information should be on a need-to-know basis with access controls implemented on sets of data along with a number of dimensions.

GDPR: Data Privacy Laws in Financial Services

Perficient Data & Analytics

My previous blog post addresses the reasons for the regulation and the requirements associated with the New York State Department of Financial Services (NYDFS) 23 NYCRR 500. Data protection must be designed into the development of business processes for products and services.

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Social Media and the Financial Services Industry


Over the last seven years, the financial services industry has increasingly adopted social media platforms. Public social platforms are especially difficult for the financial services industry to monitor and control because employees can access and use these platforms as individuals.

NYDFS 500 and GDPR in Financial Services – Actions to Take Now

Perficient Data & Analytics

The first step any financial institution must take in its response to the laws is to evaluate its exposure and current capabilities in protecting sensitive business and customer data. Implement: Technical services are required to create/ update cybersecurity policies and procedures.

New York Department of Financial Services Released New Guidance Addressing COVID-19 Related Cybersecurity Risks

HL Chronicle of Data Protection

Continuing its focus on COVID-19’s impact on its regulated entities, on April 13, the New York Department of Financial Services (NYDFS) released new cybersecurity guidance in response to the COVID-19 pandemic.

Do AI Applications Have a Limit in Financial Services?

Perficient Data & Analytics

Dominant financial services institutions, currently, focus on; a scale of assets, mass productions, relationship exclusivity, switching costs, and dependence on the integrity of humans. The same mindset goes for artificial intelligence (AI) pairing with financial services. How AI Helps with Financial Services. “A Ultimately, AI in the financial services industry will be directed towards optimizing the customer experience.

NY Department of Financial Services Issues Guidance to Regulated Entities Regarding Cybersecurity During the COVID-19 Pandemic

Hunton Privacy

On April 13, 2020, the New York Department of Financial Services (“NYDFS”) issued guidance (“April guidance”) to all New York State entities covered under NYDFS’s cybersecurity regulation regarding assessing and addressing heightened cybersecurity risks due to the COVID-19 pandemic.

How Financial Services Companies Are Using Intelligent Information Management to Drive Digital Transformation


Financial services organizations are facing a range of challenges and, in order to overcome these challenges, the financial sector must adopt business strategies and technologies that enable greater agility, speed, access and organization. News financial services

NY Investigates Exposure of 885 Million Mortgage Documents

Krebs on Security

New York regulators are investigating a weakness that exposed 885 million mortgage records at First American Financial Corp. No authentication was needed to access the digitized records. ” A Little Sunshine Data Breaches First American Financial Corp.

NYDFS 500: Why the Regulation?

Perficient Data & Analytics

Previously, I discussed data privacy laws, specifically involving New York State Department of Financial Services (NYDFS) 23 NYCRR 500. For more information on NYDFS 500 and GDPR laws and regulations on the financial services industry, please download our guide here , or click below.

Financial Industry Trends Focused on Information Management Challenges in 2019


Financial services firms saw mounting information management challenges in 2019. According to a Fintech News article, financial institutions like JPMorgan Chase produce terabytes of data every single day. Financial Services data information management

What You Need to Know About Storing Financial Data in the Cloud


In light of recent malware attacks that affected financial services customers’ data stored in the cloud, organizations should take a hard look at how they’re securing their financial information. Financial Services cloud financial information malware storage

COVID-19 Interest Rates Present Mortgage Industry Challenges


Under normal conditions, offices are staffed with loan officers and support staff using technology to easily access and share documents within the organization. For mortgage lending and other financial services work, security issues can be particularly challenging.

New York State Expected to Increase Enforcement of Cybersecurity Practices

HL Chronicle of Data Protection

It applies to any “Covered Entity,” which is defined broadly to include “any Person operating under or required to operate under a license, registration, charter, certificate, permit, accreditation or similar authorization under the Banking Law, the Insurance Law or the Financial Services Law.”

Keeping Up with New Data Protection Regulations


Effective compliance with new data protection regulations requires a robust understanding of the “what, where and who” in terms of data and the stakeholders with access to it (i.e.,

Four Use Cases Proving the Benefits of Metadata-Driven Automation


The banking, financial services and insurance industry typically deals with higher data velocity and tighter regulations than most. Organization’s cannot hope to make the most out of a data-driven strategy, without at least some degree of metadata-driven automation.

Sizing Up the Roles of Behavioral Analytics, 'Zero Trust'

Data Breach Today

Security Experts Discuss Authentication Challenges in the Financial Services Sector Improvements in behavioral biometrics and analytics are changing the way many financial services firms approach authentication.

MY TAKE: Identity ‘access’ and ‘governance’ tech converge to meet data protection challenges

The Last Watchdog

Related: Applying ‘zero trust’ to managed security services. So why hasn’t the corporate sector been more effective at locking down access for users? based supplier of identity access management (IAM) systems, which recently announced a partnership with Omada, a Copenhagen-based provider of identity governance administration (IGA) solutions. Here are takeaways from our fascinating discussion: Access pain points.

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How AI-Driven Information Extraction Can Transform 3 Huge Industries


Digitizing this data for natural language query enables faster access and quicker decisions. Financial Services IG, Regulations & Compliance artificial intelligence machine learning natural language processing optical character recognition

Meet Perficient’s Chief Strategists: Arvind Murali

Perficient Data & Analytics

This support includes moving clients towards Data-as-a-Service (DaaS) models that directly creates bottom line opportunities. When working with clients on data governance, we design and build a centralized, modern data platform to house and self-service their data.

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Business Process Modeling Use Cases and Definition


This also extends to industry-specific other compliance mandates such as those in healthcare, pharmaceutical and the financial services industries. In this case, a key best practice to consider is the introduction of role/user-based access.

Grove Pension Solutions fined £40,000 for PECR violation

IT Governance

The ICO’s d irector of i nvestigations and i ntelligence , Andy White , said : “Spam email uses people ’ s personal data unlawfully, filling up their inboxes and promoting products and services which they don’t necessarily want. . “We

Kali Project Encryption and Isolation Using Vagrant and BitLocker

Perficient Data & Analytics

When you double-click on the file, you will probably (and immediately) see the “access is denied” message seen in Section A of the screenshot below. Imagine that you work on different engagements or projects in which Kali Linux is one of your primary tools.

President Trump Signs Financial Services Regulatory Reform Legislation

Data Matters

The Act makes many significant modifications to the postcrisis financial regulatory framework, although it leaves the core of that framework intact. One major consequence of the Act may be an increased potential for mergers, acquisitions and organic growth among regional and midsize banks, as well as community banks, because of provisions that increase the thresholds that must be met before various financial regulatory requirements apply. Initiating Online Banking Services.

How Would YOU Describe the Mortgage Lender of the Future?


Having access to advice and guidance will enrich the borrower experience and will help ensure these non-cookie cutter loans are not overlooked. Financial Services mortgage mortgage lender mortgage-related technologies

Is Your Customer Experience Future-Ready?


It is an ongoing activity, constantly responding to the changes in market and customer expectations, new products and services, and technology evolution. Can you discover, validate, and scale innovative use of existing and new data-sets to deploy products and services faster?

#ModernDataMasters: Mike Evans, Chief Technology Officer


This ensures that we offer relevant and value-added services to the businesses we work with. You must access the right data and build the right data models for your enterprise before you start leaping down the path of building solutions.”. Kate Tickner, Reltio.

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Mortgage Records: A Good Time to Review Storage Processes


Given this potential upswing in demand, lenders will need to be able to access all mortgage records. All data collection and storage needs to be done in a secure manner, so that only authorized personnel have access. With mortgages and servicing rights being packaged, sold and resold and documentation, speed and security demands expanding, the complexities of today’s mortgage market are beyond the scope of what most lenders can handle.

AllianceBernstein’s Mobile App Empowers Sales Teams in Real Time

Perficient Data & Analytics

retail wholesalers with unprecedented, on-demand access to sales data, marketing content, product performance, and competitive market analysis.” ( MicroStrategy ). How to Best Enable On-the-Go Sellers.

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Spotcap Expedites Lending Decisions Using Kofax Kapow Robotic Process Automation

Document Imaging Report

Spotcap’s machine-learning credit models evaluate business and cash flow data alongside conventional credit and financial information—providing a holistic view of a company’s performance and creditworthiness. Press Releases RPA financial services

Data Lakes, Not Just For Analytics Anymore

Perficient Data & Analytics

These advances include: SQL-based transformation included in Spark has made Big Data ETL accessible to many firms not wishing to invest in expensive ETL tools, Cloud-based Data Warehouses that can offer similar scale and ease of use as traditional EDW systems at a fraction of the cost, and. Amazon Web Services Data & Analytics Financial Services Google Healthcare

#ModernDataMasters: Michele Chambers, AWS


Michele Chambers is a Leader of Product Management and Software Development at Amazon Web Services in Seattle. At another time, that business might need cold storage for PII data for the last 20 years – you need to access it, but not pay for storage at a premium level. .

Digital Banking Trends Survey Identifies Robotic Process Automation Software as a Promising New Technology

Document Imaging Report

Irvine, CA, June 6, 2018 – Kofax ® , a leading supplier of software to automate and digitally transform information intensive processes, today announced the results of a global survey of 100 leading financial institutions conducted in conjunction with Digital Banking Trends, the banking industry’s innovative resource providing news, analysis and opinion on the business of digital banking, fintech and financial services. Press Releases RPA financial services

Expanding Through M&A in the Insurance Industry

Perficient Data & Analytics

M&A is always on the table, as it can provide quicker access to more customers through geographic expansion, as well as new business lines and capabilities. It’s also a way to reinforce a company’s innovation strategy. Zurich’s acquisition of Bright Box, a company which provides telematics solutions “that link drivers to their vehicles, and the vehicles to networks of car dealers and original equipment manufacturers (OEMs),” is an excellent example of this.

Investment Company Reporting Modernization Goals & Expectations

Perficient Data & Analytics

In a new guide, we discuss the background of the SEC’s Investment Company Reporting Modernization Rules and the potential effects on individual financial institutions. Ease of access, aggregation, and analysis of the reported data by the Commission and the public. Other amendments and rules with which you must comply: Enhanced disclosure about derivatives in financial statements. Reports to shareholders made accessible on a website.

#ModernDataMasters: Steve Whiting, Chief Operations Officer


Service-based business & technology enablers such as IaaS / IPaaS (Integration as a Service), DQaaS (Data Quality as a Service), DMaaS (Data Migration as a Service) etc. It’s called “Managing a Professional Services Firm” by David Maister.

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Guide: Complying with the California Consumer Privacy Act of 2018

Perficient Data & Analytics

The California Consumer Privacy Act (CCPA) will have far-reaching effects on how financial institutions manage their customer data. Gain access to their personal information and request its deletion. Receive equal service and price even if they exercise their privacy rights. As a result, a financial institution will need to keep track of: Categories of consumer personal information that it collects.

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What Makes a Data Genius?


You have access to real-time data about your customers, partners, suppliers, employees, business processes, and transactions, and that data holds a great deal of value within. Ankur Gupta, Sr. Product Marketing Manager, Reltio.

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Attracting and Cultivating Customers in the Insurance Industry

Perficient Data & Analytics

In a digital and mobile era, insurance companies must cater to customers’ demands and expectations by providing fast and frequent communication, access to more digestible and transparent information, and, of course, convenience. Attracting new customers and cultivating existing relationships by building a great customer experience is a certainly a recipe for growth and profitability.

SEC Investment Company Reporting Modernization Foundational Work

Perficient Data & Analytics

In a new guide , we discuss the background of the SEC’s Investment Company Reporting Modernization Rules and the potential effects on individual financial institutions. By now, you should have a program in place that covers the following work streams: Engage Report Filing Provider: Initiate a project with the selected service provider to collect and process data, and file the required forms. Test Filing: Generate files with test data for your service provider to file with the SEC.