EDM Council launches Cloud Data Management Work Group to develop Best Practice Framework to accelerate cloud adoption

EDM Council launches Cloud Data Management Work Group to develop Best Practice Framework to accelerate cloud adoption
30.07.2020 03:21 pm

EDM Council launches Cloud Data Management Work Group to develop Best Practice Framework to accelerate cloud adoption

Cloud , Data Management

EDM Council, the leading trade association for data management, has launched the Cloud Data Management Capabilities (CDMC) Best Practices Work Group. This new group includes participation from Amazon Web Services (AWS), Google Cloud, IBM Cloud, and Microsoft Azure, as well as over 20 leading financial industry firms. The Work Group has been formed to develop an open source CDMC Best Practice Framework to accelerate Cloud adoption and automate the associated controls. The EDM Council Work Group is being co-chaired by Morgan Stanley and Refinitiv, with project management provided by Capco.

Cloud implementations typically face a common series of complex data, technology, operational and control challenges. Industry also lacks a common end-to-end Cloud data management best practice framework. This Work Group will address these gaps by developing an open-source best practice framework based upon the EDM Council’s Data Management Capability Assessment Model (DCAM®). DCAM is a formal framework used to assess a firm’s data management capabilities and is maintained by the EDM Council. DCAM utilizes a consistent scoring model which has been adopted by 60% of financial organizations globally that use data management frameworks.

While the initiative is currently focused on the financial services sector, it will expand cross-industry to help firms in multiple verticals to navigate the growing complexity of Cloud adoption. Data security and privacy rules have become an even greater focus worldwide as the COVID-19 pandemic has forced firms to work remotely and reassess business strategies. This has increased cost and margin pressures, driving companies to accelerate Cloud adoption and leverage new data management practices. 

“We’re experiencing a transformational moment in data management. Industry is rapidly evolving the need to securely access and extract value from exponential volumes of data via the Cloud,” said John Bottega, President, EDM Council. “It’s imperative that firms implement data management best practices in their Cloud strategies. We’re confident that the CDMC Work Group will play a major role in crafting this best practice framework to benefit all industries.”

Related News

Sage continues international roll out of award-winning Sage Intacct – now available in South Africa

Sage, a market leader in cloud business management solutions, has today made its cloud... Read more »

Cloud9 and comitFS team up to enhance real-time voice trading APIs and compliance applications

Cloud9 Technologies ("Cloud9"), a leader in cloud-based communications, has partnered with comitFS, a UK-based provider of voice middleware... Read more »

Twenty7Tec Group signs agreement with Primis

Twenty7Tec, a leading provider of technology solutions to the mortgage industry, today announces that it has entered into a five-year agreement to provide its... Read more »

Riverbed cloud-based Application Acceleration Solutions first to boost performance of Microsoft collaboration and video applications

Riverbed announced today that it is adding new cloud-based offerings into its arsenal of... Read more »

World’s Biggest Virtual Global Fintech Fest Saw Participation from over 12000 Attendees from over 110 Countries

Global Fintech Fest which (GFF) organised by Fintech Convergence Council (FCC), Payments Council of India (PCI) and National Payments Corporation of India (NPCI) on 22nd &... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel