Top predictions for financial services in 2023
OpenText Information Management
JANUARY 5, 2023
With inflation, rising interest rates and general economic uncertainty, last year presented several challenges for financial services institutions (FSIs).
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NYDFS Amends Cybersecurity Rules for Financial Services Companies
Hunton Privacy
NOVEMBER 23, 2022
On November 9, 2022, the New York Department of Financial Services (NYDFS) released its second, proposed amendments to the Part 500 Cybersecurity Rule. Any cybersecurity event that affects a third-party service provider that also affects the covered entity.
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Summary – “Industry in One: Financial Services”
ARMA International
NOVEMBER 7, 2019
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. The program must evolve with the industry as new challenges and opportunities emerge, and it requires constant attention and program adjustments.
Three data-driven trends to watch in financial services in 2022
Collibra
JANUARY 18, 2022
The financial services industry has had a longstanding tradition of being at the forefront of adopting new technologies. It is predicted that 2022 will be another banner year for cloud data modernization initiatives with a few noticeable shifts.
Financial services continue to lead in cybersecurity preparedness, but chinks appear in the armor
Thales Cloud Protection & Licensing
AUGUST 31, 2022
Financial services continue to lead in cybersecurity preparedness, but chinks appear in the armor. It highlights the leadership of financial services in cybersecurity relative to other industries, but it also uncovers some surprising chinks in their cybersecurity armor.
Embracing new ways of working in financial services
CGI
APRIL 17, 2020
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. . Customer service.
The importance of data quality in Financial Services
Collibra
JULY 21, 2021
Financial services are highly regulated and maintain a strong focus on compliance and risk management. Constantly monitoring data and also reporting it to the regulatory authority is their top priority. What is data quality in financial services?
TechLaw Australia podcast: The shifting landscape of privacy and data governance in the Asia Pacific region
DLA Piper Privacy Matters
NOVEMBER 18, 2021
It is at the heart of what we do. Digital transformation General Data Protection Regulation Financial services TechnologyAuthor: Sinead Lynch.
Embracing new ways of working in financial services
CGI
APRIL 17, 2020
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.
New York Department of Financial Services Issues First Guidance by a U.S. Regulator Concerning Cyber Insurance
Data Matters
FEBRUARY 10, 2021
On February 4, 2021, the New York Department of Financial Services (NYDFS) issued Circular Letter No. Issuance of the Framework is notable as it represents the first official guidance by a U.S. Lacewell stated that cybersecurity is the biggest risk for government and private organizations and described how the Framework is based on “extensive dialogue with industry and experts.”. The post New York Department of Financial Services Issues First Guidance by a U.S.
First American Financial Pays Farcical $500K Fine
Krebs on Security
JUNE 18, 2021
In May 2019, KrebsOnSecurity broke the news that the website of mortgage settlement giant First American Financial Corp. NYSE:FAF ] was leaking more than 800 million documents — many containing sensitive financial data — related to real estate transactions dating back 16 years.
Proposed Amendments to NY Financial Services Cybersecurity Regulations Impose New Obligations on Large Entities, Boards of Directors and CISOs
Hunton Privacy
AUGUST 15, 2022
On July 29, 2022, the New York Department of Financial Services (“NYDFS”) posted proposed amendments (“Proposed Amendments”) to its Cybersecurity Requirements for Financial Services Companies (“Cybersecurity Regulations”).
Historic Charges: First Enforcement Action Filed by New York Department of Financial Services Under Cybersecurity Regulation
Data Matters
AUGUST 19, 2020
On July 21, 2020, the New York State Department of Financial Services (NYDFS or the Department) issued a statement of charges and notice of hearing (the Statement) against First American Title Insurance Company (First American) for violations of the Department’s Cybersecurity Requirements for Financial Services Companies, 23 N.Y.C.R.R. First American failed to classify its applications properly as actively transmitting confidential, nonpublic information.
Scary Fraud Ensues When ID Theft & Usury Collide
Krebs on Security
JANUARY 25, 2022
Or how about not learning of the fraudulent loan until it gets handed off to collection agents? The reader who shared this story (and copious documentation to go with it) asked to have his real name omitted to avoid encouraging further attacks against his identity.
NY Department of Financial Services Issues Reminder for Cybersecurity Filing Deadline
Hunton Privacy
JANUARY 24, 2018
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.
AI Governance: Break open the black box
IBM Big Data Hub
OCTOBER 4, 2022
It is well known that Artificial Intelligence (AI) has progressed, moving past the era of experimentation. It is an imperative. Manual processes that introduce risk and make it hard to scale. The solution: AI Governance. Register for AI Governance webinar.
Top 7 Data Governance Blog Posts of 2018
erwin
DECEMBER 20, 2018
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
Four Use Cases Proving the Benefits of Metadata-Driven Automation
erwin
FEBRUARY 7, 2019
The volume and variety of data has snowballed, and so has its velocity. As such, traditional – and mostly manual – processes associated with data management and data governance have broken down. So it’s safe to say that organizations can’t reap the rewards of their data without automation. The banking, financial services and insurance industry typically deals with higher data velocity and tighter regulations than most.
Data Governance Tools: What Are They? Are They Optional?
erwin
NOVEMBER 14, 2019
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. It is also used to make data more easily understood and secure.
Automated governance and trustworthy AI
IBM Big Data Hub
JUNE 7, 2022
Artificial intelligence is being infused slowly but surely into all aspects of our lives, and it will be ubiquitous in everyday life sooner than we might imagine. Governments and regulatory bodies around the world are working to establish safety standards.
Discover a unified approach to adaptive data and analytics governance
Collibra
JULY 6, 2022
Nearly 80% of IT decision-makers agree that the collection and analytics of data has the potential to fundamentally change the way their company does business in the next 1 – 3 years. . > See how adaptive data and analytics governance can help.
Keeping Up with New Data Protection Regulations
erwin
APRIL 11, 2019
Facebook was in the news again last week for another major problem around the transparency of its user data, and the tech-giant also is reportedly facing 10 GDPR investigations in Ireland – along with Apple, LinkedIn and Twitter. When it comes to new data protection regulations in the face of constant data-driven change, it’s a matter of when, not if. The Regulatory Rationale for Integrating Data Management & Data Governance.
Why Facebook's Diem is 'a Shadow of Libra'
Data Breach Today
DECEMBER 31, 2020
Facebook's relaunch and rebrand of its Libra digital payment initiative as Diem is seen by some as a shadow of its former self. Financial services commentator Chris Skinner explains why state governments and AML concerns are to blame
Grove Pension Solutions fined £40,000 for PECR violation
IT Governance
APRIL 2, 2019
The organisation hired a data protection consultant for advice , and ran its plan past an independent data protection solicitor. . Unfortunately, the counsel was either wrong or Grove didn’t take it on board. Either way, the ICO pointed out that the organisation was responsible for its own actions. . However, ultimately, they are responsible for ensuring they comply with the law and they were in breach of it.? .
Reltio Cloud – Your Key to a Successful SAP S/4HANA Migration
Reltio
MAY 13, 2019
And why can’t they resolve it themselves?” ” “It’s the sheer mental fatigue and they can’t think anymore. Let’s sit somewhere and talk about it for a bit, maybe I can offer some advice.” ” “But to do that, you need to think a little differently, and improve the efficiency where it matters, especially when it comes to your master data.” It’s at the heart of this whole thing as I said earlier.”
Business Process Modeling Use Cases and Definition
erwin
MARCH 28, 2019
A visual representation of what your business does and how it does it. According to Gartner , BPM links business strategy to IT systems development to ensure business value. It also combines process/ workflow, functional, organizational and data/resource views with underlying metrics such as costs, cycle times and responsibilities to provide a foundation for analyzing value chains, activity-based costs, bottlenecks, critical paths and inefficiencies.
From principles to actions: building a holistic approach to AI governance
IBM Big Data Hub
SEPTEMBER 27, 2022
Whether it be financial services, employee hiring, customer service management or healthcare administration, AI is increasingly powering critical workflows across all industries. Is it fair? Did anyone tamper with it? Is it accountable?
Ransomware at IT Services Provider Synoptek
Krebs on Security
DECEMBER 27, 2019
Synoptek , a California business that provides cloud hosting and IT management services to more than a thousand customer nationwide, suffered a ransomware attack this week that has disrupted operations for many of its clients, according to sources.
Speed innovation and FRTB compliance in asset management with Data Intelligence Cloud
Collibra
APRIL 14, 2022
The availability and use of trustworthy data is critical for asset managers – whether it’s for financial planning, portfolio management, advisory services, research, investments, regulatory compliance, or financial reporting. Financial Service Industry
Accelerate IFRS-17 Compliance with Data Intelligence Cloud
Collibra
JANUARY 27, 2022
The long awaited International Financial Reporting Standard (IFRS-17) is finally upon us – coming into effect on January 1, 2023. It will encompass risk management, actuarial valuation, asset liability management and financial reporting practices.
Top 6 Best Practices for Data Governance
Collibra
MARCH 11, 2021
Data governance is a very intricate field, so implementing and sustaining data governance comes with a suite of challenges. Luckily, thousands, if not millions, of organizations use data governance to improve their operations, so you can learn from others’ mistakes and successes.
#ModernDataMasters: Mike Evans, Chief Technology Officer
Reltio
MARCH 19, 2019
It became apparent very quickly that a lack of focus on data was the root cause. If there’s one lesson I’ve learnt, it’s that you can’t cut corners in MDM. It is as much to do with changing the culture of a company and embracing the value of data, as it is about technology or process.”. How would you define “modern” data management and what does it /should it mean for organisations that adopt it? Prioritise people, process and governance.
Improve your data relationships with third parties
Collibra
FEBRUARY 11, 2020
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. .
6 best practices for a data governance strategy
Collibra
APRIL 11, 2022
Data governance is a very intricate field, so implementing and sustaining data governance comes with a suite of challenges. Luckily, thousands, if not millions, of organizations use data governance to improve their operations, so you can learn from others’ mistakes and successes.
UK Government and the Dubai International Financial Centre Issue Joint Statement on Data Bridge
Hunton Privacy
DECEMBER 19, 2022
On December 15, 2022, the UK government and the Dubai International Financial Centre Authority (“DIFC”) issued a joint statement on the shared commitment to deepening the UK-DIFC data partnership.
CCAR MRAs: 6 abilities you need
Collibra
NOVEMBER 3, 2020
It’s no longer sufficient to think in terms of data management. For banks to ensure preparation for CCAR MRA and sustainable regulatory compliance, they need to shift their thinking to focus on data governance, which requires a different set of capabilities. CCAR MRAs and governance capabilities . When preparing for CCAR MRAs, it is essential to have a comprehensive set of data governance capabilities that all work together.
Data Governance Tools: What Are They? Are They Optional?
erwin
NOVEMBER 14, 2019
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. It is also used to make data more easily understood and secure.
President Trump Signs Financial Services Regulatory Reform Legislation
Data Matters
JUNE 5, 2018
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.
Is Your Customer Experience Future-Ready?
Reltio
APRIL 25, 2019
Besides the usual suspects of value for money and best deals, it’s the unique experience that drives today’s customers. ” In a customer-obsessed business culture of the likes of Amazon, customer experience is the game changer and no one can afford to ignore it. If you have not considered these questions before, it’s time to ask them. It involves every employee from every facet of the business. If not, it’s time to switch.
Reltio Supports Apple CEO Tim Cook’s Clarion Call for Stronger US Customer Data Privacy Laws
Reltio
OCTOBER 24, 2018
But today modern data management solutions that include technologies like machine learning empower organizations to implement data governance and privacy initiatives at scale, and are an essential part of their overall Customer 360 data strategy. Maintaining data lineage to data sources and tracking to downstream applications so we know from where a customer profile attribute originated and which applications are using it is critical. Manish Sood, CEO & Founder, Reltio.
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