[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. As there are different classifications of data, each with its own characteristics, management will need to implement specific controls and governance. 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. Requesting access to data should be automated through workflows to facilitate and speed the servicing of requests as to not hinder productivity. A comprehensive program to manage data consists of a number of components: Data Strategy & Architecture.

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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 first step in implementing an enterprise data governance program is conducting a comprehensive assessment of all data related policies, processes, standards, repositories, and usage. 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. Compared to other industries, the complexities of managing records and information in financial services are arguably some of the toughest to solve, primarily because of the intense regulatory scrutiny. History of Financial System. financial system continues to evolve in response to changing regulations. Financial Services Industry Overview.

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. Implement: Technical services are required to create/ update cybersecurity policies and procedures. For more information on NYDFS 500 and GDPR laws and regulations on the financial services industry, please download our guide here , or click below.

Embracing new ways of working in financial services

CGI

Embracing new ways of working in financial services. Although the approaches to dealing with the COVID-19 pandemic vary by country, as governments and businesses come to grips with it, one thing is imperative: we will get through this. . In times of crisis, the preservation of key functions and services is critical, regardless of industry. Customer service. In a crisis like this, the financial welfare of many customers is seriously threatened.

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.

Leveraging Blockchain Integration to Meet Information Governance Challenges

InfoGoTo

Blockchain integration is one of the hottest technology topics in the business world today, with financial services and healthcare sectors leading the way in exploring how to integrate blockchain into their organizations. A recent PwC survey of 600 executives from 15 territories noted that 84% of respondents are actively involved with blockchain in some form, with financial services taking the lead. A Financial Services Roadblock.

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. Historically most organizations have approached data governance in isolation and from the former category. Defining Data Governance. www.erwin.com/blog/defining-data-governance/. to Data Governance 2.0

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. Data principles are core guidelines and beliefs that form the backbone of the data strategy and core data governance capabilities.

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. data governance components) of data governance, which can help drive better business decisions, enhance regulatory compliance, and improve risk management.

401(k) Cyber Fraud Is Growing. Everyone Could Be Liable

The Security Ledger

Business Consumer cybercrime FBI Finance fraud Government Threats 401k financial servicesHacking attacks on 401(k) plans and retirement savings accounts are growing and court rulings could have a far-reaching impact on who is liable. The post 401(k) Cyber Fraud Is Growing.

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 components) of data governance, which can help drive better business decisions, enhance regulatory compliance, and improve risk management. Establishing an authoritative sources capability confirms the enterprise approved source for data ownership, including both origination and distribution.

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. The steering committee is responsible for providing overall direction and vision for the company’s data strategy and governance and should define key roles for effectively managing data across the company.

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.

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 refers to the strategic and ongoing efforts by an organization to ensure that data is discoverable and its quality is good. Research indicates business leaders recognize the need for data governance tools.

Mortgage Retention Requirements See Renewed Emphasis During COVID-19 Pandemic

InfoGoTo

The financial fallout from COVID-19 never seems to stop spreading. This means even greater challenges for servicers, who are dealing with record volumes and geographically scattered employees no longer working in a central office. million homeowners — 9% of all outstanding mortgages — were in private sector or government mortgage forbearance programs as of Memorial Day, with numbers only projected to rise heading into summer.

Pandemic Highlights Mortgage Servicing Rights Ownership Issues

InfoGoTo

During the Great Recession, the ownership of mortgages and mortgage servicing rights became a problematic issue, due to the common practice of loan originators repackaging and selling loans to servicing firms who, in turn, often sold them again. The ownership of mortgage servicing rights is even more important today, with 4.76 The shift from pipeline growth to pipeline management presents its own set of challenges for servicers and investors.

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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. The erwin Automation Framework is a key component of the erwin EDGE platform for comprehensive data management and data governance.

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 RetentionNice to see the AIEF and ARMA working together to publish this special edition.

COVID-19 Interest Rates Present Mortgage Industry Challenges

InfoGoTo

Ensuring adequate support, security and governance for a remote workforce can be challenging at any time, but the rapid switch from an onsite environment to a work-at-home scenario adds more complexity, especially in an industry like mortgage lending, with the inherent legal and security considerations. For mortgage lending and other financial services work, security issues can be particularly challenging.

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. Then, I translate that feedback to help them build data strategy and governance to support and manage their data infrastructure. This support includes moving clients towards Data-as-a-Service (DaaS) models that directly creates bottom line opportunities.

MDM 50

Keeping Up with New Data Protection Regulations

erwin

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). Fortunately, whenever the time comes, the first point of call will always be data governance, so organizations can prepare.

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 refers to the strategic and ongoing efforts by an organization to ensure that data is discoverable and its quality is good. Research indicates business leaders recognize the need for data governance 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.

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. Ginnie Mae has released a 2020 plan to update requirements to address the electronic state and plans to release the official guide that will govern the digital documents during Q4, 2019. Could an originator only service counties that offer eNotarization and eRecording capabilities?

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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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. Financial services firms should also be looking closely at data, including sensitive personal information, within third party data relationships too – but not just to meet compliance goals. Others are realizing that they need to outsource critical services to specialist service providers. .

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)? A visual representation of what your business does and how it does it. Why is having this picture important?

[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.

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.

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 That is to say, it used email addresses provided by people who, in the process of consenting to another organisation’s service, agreed to be contacted by third parties. . EU GDPR Financial Services Data management PECR

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. Other amendments and rules with which you must comply: Enhanced disclosure about derivatives in financial statements. The snippet below shares the rules’ objectives and expectations. The SEC wants to improve: The quality of information that funds report to the Commission.

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. Data Governance: Data dictionary, lineage, and stewardship processes must be established for required data elements used in the new reports, as well as demonstrated to the SEC, if required.

SEC Investment Company Reporting Modernization Support

Perficient Data & Analytics

Immediate action areas may include any of the following: Planning: Review of project governance, project plans, and risk logs to identify red flags. 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.

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. Business IT B Business B Customer 360 B Digital Transformation B Financial Services & Insurance B Graph B Healthcare B High-Tech & Manufacturing B IT B Life Sciences B Machine Learning B media & entertainment B Product 360 B Retail & CPG B Supplier 360 B Travel & hospitalityGuy Vorster, Principal Solutions Consultant, Reltio.

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.

Getting Started with California Consumer Privacy Act Compliance

Perficient Data & Analytics

Compliance with the CCPA requires robust processes for identifying, governing, distributing, and securing consumer personal information. Data recipients: Compile a list of entities, such as administrators, custodians, transfer agents, investment managers, and other service providers. After the initial assessment is complete, financial institutions will be in a position to: Confirm what personal data they hold and for what purpose.

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.

Establishing a California Consumer Privacy Act Compliance Program

Perficient Data & Analytics

Establish the program governance model. We recently published a guide examining the California Consumer Privacy Act of 2018, and the steps any financial institution must take in its response to the new law to evaluate its exposure and current state of readiness. Data & Analytics Financial Services Integration & IT Modernization Operations Regulatory Compliance California California Consumer Privacy Act California privacy consumer privacy act