[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. logs from transaction systems, routers, servers, firewalls) to bolster security and generate real-time alerts for issues potentially affecting enterprise operations or system and network performance. database software, servers, routers, firewalls, security appliances).

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. Data Security & Privacy. Requesting access to data should be automated through workflows to facilitate and speed the servicing of requests as to not hinder productivity.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

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.

Historic Charges: First Enforcement Action Filed by New York Department of Financial Services Under Cybersecurity Regulation

Data Matters

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.

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.

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.

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. The maturity of each confirmed authoritative source should also be measured against requirements for data privacy, security, ownership and system reliability. 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

Everyone Could Be Liable appeared first on The Security Ledger. Business Consumer cybercrime FBI Finance fraud Government Threats 401k financial services

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. It is also used to make data more easily understood and secure.

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.

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.

Paper 55

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.

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.

COVID-19 Interest Rates Present Mortgage Industry Challenges

InfoGoTo

Even in familiar working conditions, documents get misplaced or aren’t always kept secure. There is no physical sharing of documents, and extra precautions must be taken to ensure any electronic document sharing is done securely, amongst a host of other challenges. The mortgage officer suddenly displaced from the office and working remotely doesn’t have a filing system or the robust security precautions found in the typical mortgage lender’s office.

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. It is also used to make data more easily understood and secure.

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.

DataStax Advanced Security : Eat your vegetables first

Perficient Data & Analytics

Most of the projects I see fall down on security compliance, not performance. In their latest upgrade, DataStax Enterprise has improved their advanced security offering making it easier to develop a small-scope, time-boxed PoC that can actually demonstrate how a highly available, highly scalable, always on persistence layer can also demonstrate rigorous enterprise compliance characteristics of your current databases.

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. Fortunately, the identity management space has attracted and inspired some of the best and brightest tech security innovators and entrepreneurs. Governance and attestation quickly became a very big deal.

Access 141

[Guide] SEC Investment Company Reporting Modernization

Perficient Data & Analytics

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. 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.

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.

Business Process Modeling Use Cases and Definition

erwin

The visualization process can aid in an organization’s ability to understand the security risks associated with a particular process. 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)?

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.

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. IT security: Assess information security and data protection mechanisms from a business and technical perspective.

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.

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.

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. .

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. Data security upgrades. 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

Microsoft partnered with other security firms to takedown TrickBot botnet

Security Affairs

Microsoft’s Defender team, FS-ISAC , ESET , Lumen’s Black Lotus Labs , NTT , and Broadcom’s cyber-security division Symantec joint the forces and announced today a coordinated effort to take down the command and control infrastructure of the infamous TrickBot botnet.

Is Your Customer Experience Future-Ready?

Reltio

How do you ensure security and privacy while personalizing the customer experience? 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? Do you have fail-safe processes to guarantee security of customer data? Ankur Gupta, Sr.

eNotes vs eClose – The Full Digital Experience

InfoGoTo

There are other documents worth discussing that impact a full eClose capability, such as title policies and security instruments, also known as trailing documents or final documents. 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. County Recorders: A security instrument requires recordation at the county. Financial Services eNotes Ginnie Mae

The New CECL Accounting Standard

Perficient Data & Analytics

CECL, or current expected credit loss, is a new accounting standard that will change how financial institutions account for expected credit losses. This approach restricts the accounting of those credit losses that are expected but have not yet met the threshold of an incurred “probable” loss In the period leading up to the financial crisis of 2007-2008, this sub-optimal scenario was exacerbated. Risk data (governed by loan pools).

Risk 43

Emissary Panda APT group hit Government Organizations in the Middle East

Security Affairs

Chinese Cyber-Spies Target Government Organizations in Middle East. Chinese APT group Emissary Panda has been targeting government organizations in two different countries in the Middle East. Experts at Palo Alto Networks reported that the Chinese APT group Emissary Panda (aka APT27 , TG-3390 , Bronze Union , and Lucky Mouse ) has been targeting government organizations in two different countries in the Middle East.

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.

Risk 43

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. Architecting and implementing big data pipelines to ingest structured & unstructured data of constantly changing volumes, velocities and varieties from several different data sources and organizing everything together in a secure, robust and intelligent data lake is an art more than science.

Financial Statements and Disclosures under CECL

Perficient Data & Analytics

Entities must first include the new CECL disclosures in their financial statements and regulatory reports (e.g., The structure and granularity of an entity’s income statement and balance sheet does not to change, as the details of the CECL models are presented through financial statement disclosures. For example, the disclosures will no longer reference “impaired loans” but instead will indicate “expected credit losses for all loans and held-to-maturity debt securities.”

Government By Numbers: Some Interesting Insights

John Battelle's Searchblog

Not to mention retirement (from Social Security to 401ks, etc.). Of course, were such a hypothesis true, one might imagine that the over percentage of GDP represented by government workers would have gone *down* over the past few decades. However, as this chart shows, that’s not the case: If we’re depending on government less and less, as I hypothesize, how on earth could government employees go *up* by ten percent in the past six decades?

#ModernDataMasters: Lewis Ownes, CEO Agile Solutions

Reltio

But it did give me the advantage of seeing how the data was being fed into the machines for personalisation and the use of algorithms for security even back then. “At 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. A truly mature company embraces governance and innovation and they are designed in together, not bolted on and only way you can do that is via data strategy.