[Guide] Designing a Data Governance Program in Financial Services

Perficient Data & Analytics

As firms began to recognize the power of data for its ability to optimize business processes, as well as to provide a strategic advantage, new disciplines for its governance emerged. of each data type vary, so does its optimal governance. Data is the lifeblood of any company.

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. In this post, I discuss the components needed to design a data governance strategy.

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Initiating a Data Governance Program in Financial Services

Perficient Data & Analytics

Previously, I discussed the components needed to design a data governance strategy. This post will describe in detail, how to initiate the data governance program. The basis for any data governance program will be a thorough analysis of reference and transaction-level data.

Summary – “Industry in One: Financial Services”

ARMA International

The scope of a records and information management (RIM) program in financial services can seem overwhelming. History of Financial System. Shaped by several financial catastrophes of modern history, such as the Great Depression of 1929 and the Great Recession of 2007, the U.S.

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. Define the governance structure.

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.

NY Department of Financial Services Issues Reminder for Cybersecurity Filing Deadline

Hunton Privacy

On January 22, 2018, the New York Department of Financial Services (“NYDFS”) issued a press release reminding entities covered by its cybersecurity regulation that the first certification of compliance with the regulation is due on or prior to February 15, 2018. DFS’s goal is to prevent cybersecurity attacks, and we therefore will now include cybersecurity in all DFS examinations to ensure that proper cybersecurity governance is being practiced by our regulated entities.

Top 7 Data Governance Blog Posts of 2018

erwin

The driving factors behind data governance adoption vary. Whether implemented as preventative measures (risk management and regulation) or proactive endeavors (value creation and ROI), the benefits of a data governance initiative is becoming more apparent. Defining Data Governance.

Getting Started With Data Governance

Perficient Data & Analytics

Data governance doesn’t start in a vacuum; it requires plenty of advance thinking, preparation, and strategy. As such, successful data governance must begin with a foundation built on data principles and a well-thought-out data strategy.

Responsibility of Data Architecture in Data Governance

Perficient Data & Analytics

This needs to be abstract enough to gain acceptance across the financial institution, yet maintain an appropriate level of detail required to support clear ownership.

Establishing Authoritative Sources in Data Governance

Perficient Data & Analytics

Before a financial institution can agree on authorized sources of data, there must first be a common understanding of the type of data being sourced.

Data Governance Tools: What Are They? Are They Optional?

erwin

Data governance tools used to occupy a niche in an organization’s tech stack, but those days are gone. The rise of data-driven business and the complexities that come with it ushered in a soft mandate for data governance and data governance tools. Data Governance 1.0

Defining Organizational Roles in a Data Governance Road Map

Perficient Data & Analytics

The data governance road map should define a data governance operating model and organization structure. As part of the structure, an executive steering committee should be established with representation from all key areas of the financial institution.

ARMA and AIEF Issue Special Edition Publication: Blockchain, AI, Accounting Records, and other IG topics covered

IG Guru

AIEF Archives ARMA Audit Blockchain Business Compliance IG News Information Governance information privacy information security Privacy Record Retention Records Management Risk News Sponsored Accounting Records AI Documentation Financial Services Retention

Meet Perficient’s Chief Strategists: Arvind Murali

Perficient Data & Analytics

We recently spoke with Arvind Murali , Data Governance Chief Strategist, to get his perspective on data governance, building data strategies to optimize business outcomes, and his life beyond the world of strategy. Why does data governance matter for today’s enterprises?

MDM 69

Four Use Cases Proving the Benefits of Metadata-Driven Automation

erwin

As such, traditional – and mostly manual – processes associated with data management and data governance have broken down. The banking, financial services and insurance industry typically deals with higher data velocity and tighter regulations than most.

Using Information Governance to Manage the Commingling of Minors’ Claim Files

InfoGoTo

For P&C insurers, the handling of retention and disposition of minor claims files have historically been challenging due to poor information governance (IG) practices. Financial Services CCPA information governance insurance insurance clients insurance industry United StatesPrivacy laws and regulations are changing at a rapid pace in the United States. Recently introduced and imminent regulations such as GDPR, CCPA , NY DFS etc.

Keeping Up with New Data Protection Regulations

erwin

Fortunately, whenever the time comes, the first point of call will always be data governance, so organizations can prepare. The Regulatory Rationale for Integrating Data Management & Data Governance. Data Governance: The Foundation for Compliance.

Improve your data relationships with third parties

Collibra

Regulators are focusing on the data relationships financial services organizations have with third parties, including how well personal information is being managed. Others are realizing that they need to outsource critical services to specialist service providers. .

Data Governance Tools: What Are They? Are They Optional?

erwin

Data governance tools used to occupy a niche in an organization’s tech stack, but those days are gone. The rise of data-driven business and the complexities that come with it ushered in a soft mandate for data governance and data governance tools. Data Governance 1.0

Reltio Cloud – Your Key to a Successful SAP S/4HANA Migration

Reltio

Reltio Cloud also acts as the governance platform to address the data quality problems before S/4HANA ingestion. Guy Vorster, Principal Solutions Consultant, Reltio. Weekends don’t get any more entertaining than a good game of rugby.

Business Process Modeling Use Cases and Definition

erwin

This also extends to industry-specific other compliance mandates such as those in healthcare, pharmaceutical and the financial services industries. The Regulatory Rationale for Integrating Data Management & Data Governance. What is business process modeling (BPM)?

eNotes vs eClose – The Full Digital Experience

InfoGoTo

Physical document closing (the old fashioned way): All documents that require signature are done with wet ink and physical documents are delivered to the custodian or servicer. Could an originator only service counties that offer eNotarization and eRecording capabilities?

Is Your Customer Experience Future-Ready?

Reltio

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

Reltio

It will be possible to put more emphasis on the people, process and data governance which really make MDM live and breathe.”. We teach that problem solving is at the core of MDM, and how important data governance principles are regardless of the configuration of the underpinning technology.”.

MDM 82

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

#ModernDataMasters: Nicola Askham, The Data Governance Coach

Reltio

Nicola Askham is the leading data governance training provider in the UK with over 16 years of experience and research in the field. She delivers training and consulting to major organisations to help them implement full data governance frameworks. Kate Tickner, Reltio.

#ModernDataMasters: Martin Squires, The Analysis Foundry

Reltio

Particularly the data governance side is beginning to be seen as really important. Kate Tickner, Reltio. Martin Squires is a leader with extensive experience in customer insight, marketing analytics & data science.

#ModernDataMasters: Lewis Ownes, CEO Agile Solutions

Reltio

If you ask people about data management and all they talk about is governance then you know they are only being driven by regulation or a concern. The only way that innovation and governance will be aligned properly is if you strategise in that order – business, data, technical.

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

The Last Watchdog

Related: Applying ‘zero trust’ to managed security services. 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. Our customers all have the pain point of wanting to have single sign-on for multiple applications, requiring capabilities like self-service and self-registration,” Curcio told Last Watchdog.

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#ModernDataMasters: Steve Whiting, Chief Operations Officer

Reltio

Ethical data management means you need data governance and data security by design – these initiatives are hard to retrofit. We advocate a hybrid approach to this – to support planning and forecasting – while also ensuring strong governance and business agility.”.

MDM 52

Digital Enterprises: Built on Modern MDM

Reltio

To ensure no wall between data, governance, and insight, she shares her mantras: invest intelligently, source strategically, and collaborate. Ankur Gupta, Sr. Product Marketing Manager, Reltio.

MDM 52

#ModernDataMasters: Tony Saldanha, President, Transformant

Reltio

Tony Saldanha is the President of Transformant and a globally recognized information technology and shared services executive. I’ve had the great fortune of evolving with the IT and shared service industry across 6 countries and 13 different roles and assignments. Kate Tickner, Reltio.

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. Areas that may require immediate action include any of the following: Planning: Review of project governance, project plans, and risk logs to identify red flags. Analysis: Identification of critical process and data gaps, implementation or reinforcement of governance processes, documentation of requirements.

#ModernDataMasters: David Balzan, Business Unit Manager MDM

Reltio

This is partly why we feel that offering advisory services is so important because it can drive that vital board-level sponsorship for the projects we engage in. As a services provider, you would say that – why shouldn’t someone try and do it themselves? Kate Tickner, Reltio.

MDM 52

[Guide] SEC Investment Company Reporting Modernization

Perficient Data & Analytics

The new requirements can be daunting for a firm because they create the prospect of disparate data sources, nascent data governance programs, and stretched operational support on top of the need to run a highly competitive business. 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.

Common Ingestion Framework

Perficient Data & Analytics

Data Lake forms the core foundation for companies in their journey to build state-of-the-art intelligent applications and provide cutting-edge services. Big Data is the way to move forward for all enterprises today.