The importance of data quality in Financial Services


Financial services are highly regulated and maintain a strong focus on compliance and risk management. Considering that major financial organizations handle enormous amounts of data today, they require data accuracy and integrity at all times to minimize risks.

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.


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Initiating a Data Governance Program in Financial Services


The basis for any data governance program will be a thorough analysis of reference and transaction-level data. Data analysis and remediation efforts should include: System identification: Look across the organization’s various functions, product areas, and business units to identify all sources of relevant data. Data analysis: Catalog the various places that relevant data exists and determine the quality of existing data and gaps concerning data governance requirements.

Analysis: Fallout From the Snowden Memoir

Data Breach Today

Also featured: An update on Lumen PDF's breach disclosure; insights on financial services identity management issues The latest edition of the ISMG Security Report features a discussion of the controversies surrounding the release of whistleblower Edward Snowden's memoir.

Twitter Hack Analysis Drives Calls for Greater Security Regulation

Dark Reading

New York's Department of Financial Services calls for more cybersecurity regulation at social media firms following the "jarringly easy" Twitter breach

NY Charges First American Financial for Massive Data Leak

Krebs on Security

In May 2019, KrebsOnSecurity broke the news that the website of mortgage title insurance giant First American Financial Corp. First American Financial Corp. Data Breaches The Coming Storm First American Financial Corp. New York State Department of Financial Services Reuters

Tip: Dashboard Page for CIP Account Analysis in Cloud Projects


One in particular is the Dashboard Page for CIP Account Analysis. If run out of the box, the Dashboard Page for CIP Account Analysis will complete in error (summarized below): ERROR. This will clear the error and you can successfully display the Dashboard Page for CIP Account Analysis from Assets. When standing up a new Cloud Projects environment some of the analytics are not ready for prime time. There are a few steps that need to be performed before they will work.

Cloud 24

'Hack-for-Hire' Groups Spoof WHO Emails to Steal Data

Data Breach Today

Google: Hackers Using COVID-19 Phishing Themes to Target Businesses "Hack-for-hire" groups operating in India are spoofing World Health Organization emails to steal credentials from financial services and healthcare firms around the world, according to Google's Threat Analysis Group

Keeping Up with New Data Protection Regulations


Some industries, such as healthcare and financial services, have been subject to stringent data regulations for years: GDPR now joins the Health Insurance Portability and Accountability Act (HIPAA), the Payment Card Industry Data Security Standard (PCI DSS) and the Basel Committee on Banking Supervision (BCBS). Providing metadata and value-based analysis – Simplify the discovery and classification of sensitive data based on metadata and data value patterns and algorithms.

Four Use Cases Proving the Benefits of Metadata-Driven Automation


That’s time needed and better used for data analysis. The banking, financial services and insurance industry typically deals with higher data velocity and tighter regulations than most. For example, an insurance company using a CDMA product to centralize data mappings is probably missing certain critical features, such as versioning, impact analysis and lineage, which adds to costs, times to market and errors.

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.

[Guide] SEC Investment Company Reporting Modernization

Perficient Data & Analytics

Our new guide discusses the background of the SEC’s Investment Company Reporting Modernization Rules and the potential effects on individual financial institutions, including: Why the SEC established new rules. In an effort to increase transparency, the Securities and Exchange Commission (SEC) has adopted new rules and amendments, called Investment Company Reporting Modernization Rules , which require registered investment companies to modernize their reporting and disclosures.

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.

SEC Investment Company Reporting Modernization Support

Perficient Data & Analytics

Analysis: Identification of critical data gaps, implementation or reinforcement of data governance processes, and documentation of requirements. Implementation: Technical services to acquire and integrate new data sources, develop data quality checks and approval workflows, and make website upgrades. Our risk and compliance practice has a proven track record of helping financial firms understand and react to regulatory mandates.

SEC Investment Company Reporting Modernization Program Challenges

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. The snippet below talks about the challenges you can expect when developing a response program. Expect challenges in various areas: Data Availability: All required data elements may not be available internally. You may need to extend or revamp existing data collection processes.

7 Reasons Why Businesses Should Adopt A Modern MDM Platform


The Customer and Vehicle Master helped the client’s marketing team execute better targeted campaigns and allowed the merchandising department refine inventory acquisition targets based on more complex demand analysis. A leading pet specialty retailer leveraged data to tackle Amazon Effect and transform into a customer-centric service company. Ankur Gupta, Sr. Product Marketing Manager, Reltio.

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SEC Investment Company Reporting Modernization Deadlines

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. The snippet below shares some deadlines the new rules present. Form N-PORT. If you are a larger entity with net assets of over $1 billion, you were initially required to comply by June 1, 2018. The SEC has granted a nine-month delay, but you must still gather and maintain all the required data as of June 1, 2018.

Artificial Intelligence Is Set to Rewrite the Rules of Insurance


By applying image recognition and analysis to photos uploaded from the field, adjusters can more quickly approve claims and dispatch payment, boosting customer satisfaction. The last thing an insurer wants to do is put the customer on hold while a service representative sifts through history files. Financial Services Training & Awareness artificial intelligence insurance claims insurance industry machine learning

Establishing a California Consumer Privacy Act Compliance Program

Perficient Data & Analytics

As stated in our previous blog , complying with the CCPA requires a strategic approach that covers all stages of planning, analysis, implementation, and quality assurance. Impact analysis, as well as business case and roadmap development. ANALYSIS. Customer personal data current state analysis. A comprehensive compliance program includes all of the following: PLANNING. Identify the project work streams. Establish the program governance model.

Agile BI & Analytics is the Need of the Hour – Drive insights during Pandemic Uncertainty


Virtual Shopping metrics around Shoppers, Market Basket analysis. Extend existing implementations or Stand up new service ( if needed ).

Perficient Helps Adjust to the California Consumer Privacy Act

Perficient Data & Analytics

The first step any financial institution must take in its response to the new CCPA law is to evaluate its exposure and current state of readiness. Analysis: Identification of critical process and data gaps, implementation or reinforcement of governance processes, documentation of requirements. Implementation: Technical services to consolidate customer data, develop governance and approval workflows, and make infrastructure upgrades. Perficient + Financial Services.

Getting Started with California Consumer Privacy Act Compliance

Perficient Data & Analytics

Data recipients: Compile a list of entities, such as administrators, custodians, transfer agents, investment managers, and other service providers. Third-party compliance: Review and conduct gap analysis of third-party provider data security policies. After the initial assessment is complete, financial institutions will be in a position to: Confirm what personal data they hold and for what purpose.

Top 7 Data Governance Blog Posts of 2018


for Financial Services. Organizations operating within the financial services industry were arguably the most prepared for GDPR, given its history. As well as an analysis of data governance for regulatory compliance in financial services, this article examines the value data governance can bring to these organizations – up to $30 billion could be on the table.

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

By enhancing our capabilities in data insights and analysis, we will be able to provide our customers more tailored and convenient solutions, which is in line with our strategy.”. 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.

CCAR MRAs: 6 abilities you need


As banks continue to work diligently to prepare for the Federal Reserve’s Capital Analysis and Review matter requiring attention (CCAR MRA) , many of them are finding that a mind shift is required. Data Governance CCAR CCAR MRAs Financial ServicesIt’s no longer sufficient to think in terms of data management.

CECL Model Alternatives

Perficient Data & Analytics

As per FASB: “When developing an estimate of expected credit losses on financial asset(s), an entity shall consider available information relevant to assessing the collectability of cash flows. When financial assets are evaluated on a collective or individual basis, an entity is not required to search all possible information that is not reasonably available without undue cost and effort. Furthermore, an entity is not required to develop a hypothetical pool of financial assets.

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#ModernDataMasters: Mike Evans, Chief Technology Officer


Mike Evans is CTO and Founder at Comma Group and has spent more than a decade in the business analysis, MDM and data management space. As an aspiring Project Manager, I was asked to work on an analysis project to understand why some recent initiatives weren’t achieving expected results. This ensures that we offer relevant and value-added services to the businesses we work with. Kate Tickner, Reltio.

MDM 63

Best Digital Forensics Tools & Software for 2021

eSecurity Planet

While several open-source tools exist for disk and data capture, network analysis, and specific device forensics, a growing number of vendors are building off what’s publicly available. image files, and analysis of remote computers.

6 Best Practices for Your CECL Response Program

Perficient Data & Analytics

Understanding the new current expected credit loss (CECL) regulation, how it impacts an organization, and how to go about implementing and managing a response program will be critical for firms carrying financial assets covered by the accounting standard update. Evaluating where a financial services company stands today and where it needs to be in relation to CECL is of paramount importance in the early phase of the company’s compliance.

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Implementing a CECL Response Program

Perficient Data & Analytics

Aggregation and analysis of historical data: Construction/modification of a data warehouse containing detail data with all required attributes. Numerical analysis and assumptions for narrative: Production of disclosure exhibits with narrative regarding methodologies, changes in projected losses, etc. Organizations will need to modify or redesign their loss reserve processes and systems based on the new CECL standard in light of the substantive changes in methodology.

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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 ). Cloud Data & Analytics Development Financial Services Integration & IT Modernization MicroStrategy Mobile Salesforce alliancebernstein dreamforce field sales Sales sales app salesforce simonHow to Best Enable On-the-Go Sellers.

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Meet Perficient’s Chief Strategists: Arvind Murali


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. If we’re working with industry-specific data assets like healthcare or financial services , we can also integrate our thought leadership in those areas to influence the process.

MDM 27

Payment Processing Giant TSYS: Ransomware Incident “Immaterial” to Company

Krebs on Security

Total System Services Inc. TSYS) is the third-largest third-party payment processor for financial institutions in North America, and a major processor in Europe. In 2019, TSYS was acquired by financial services firm Global Payments Inc.

How Microsoft Word “Protected View” Stops Information Leaks


The screenshot below captures wireshark’s analysis of the traffic, clearly showing all of the HTTP data, both inbound and outbound. Make sure you use two-factor authentication for all services that offer them. Never re-use passwords across services. Microsoft Word has long offered support for loading images and templates over the network.

Cloud, Intelligent Content Services, and Digital Fragility: What’s on the RIM Horizon for 2020

ARMA International

in 2017), with the remainder reporting into senior administrative roles, compliance, corporate services, or finance teams. Intelligent Content Services and Automation: Must-Haves for 2020 Roadmaps. Vendors in the content management market are investing in intelligent content services.

ARMA, AIEF Collaborate for Special Edition of IM Magazine

ARMA International

The special edition, which will be available for free download, contains summaries of three AIEF-sponsored research reports on the topics of (1) retention of accounting records around the globe; (2) blockchain technology and recordkeeping; and (3) RIM in the financial industry. Summary: “Industry in One: Financial Services,” by Anna Lebedeva, IGP, CIPM, PMP “AI, Records, and Accountability,” by Norman Mooradian, Ph.D. Education News & Analysis

Kofax Named a Strong Performer in Digital Process Automation by Independent Research Firm

Document Imaging Report

” Press Releases BPM Capture Market AnalysisIntelligent Automation Leader Recognized for Ability to Automate Complex, Long-running Processes and Support Complementary Technologies.

New Anti Anti-Money Laundering Services for Crooks

Krebs on Security

A new dark web service is marketing to cybercriminals who are curious to see how their various cryptocurrency holdings and transactions may be linked to known criminal activity. “To date, this type of analysis has been used primarily by regulated financial service providers.”

U.S. Office of the Comptroller of the Currency Finalizes Fair Access Requirements

Data Matters

Office of the Comptroller of the Currency (OCC) issued its controversial final rule (Rule) 1 to establish a new requirement for covered banks to provide “fair access” to financial services to both natural persons and legal entities. The Rule instead requires, among other things, that access to all financial services at covered banks be provided on the basis of a person’s individual characteristics evaluated under quantitative, impartial risk-based criteria.