Tag Archives: Compliance

Lacking Data Integration, Cloud Computing Suffers

The findings of the Cloud Market Maturity study, a survey conducted jointly by Cloud Security Alliance (CSA) and ISACA, show that government regulations, international data privacy, and integration with internal systems dominate the top 10 areas where trust in the cloud is at its lowest.

The Cloud Market Maturity study examines the maturity of cloud computing and helps identify market changes. In addition, the report provides detailed information on the adoption of cloud services at all levels within global companies, including senior executives. (more…)

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Posted in Cloud Computing, Data Integration | Tagged , , , , , , , , , , | 2 Comments

Data Governance Sustains Your Data Lifecycle

The next facet of our data governance framework focuses on the three intentionally simplified dependent processes that constitute the data lifecycle.  When educating your business sponsors and evangelists on the data lifecycle, I like to categorize it into these three broad areas: upstream processes, stewardship processes, and downstream processes.   If you’re an enterprise or data architect, you’ll likely have a much more granular set of steps in a data lifecycle, which is perfectly fine.  But when engaging with your business partners, keep it simple and they may actually listen!   (more…)

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Data Retention Requirement in Financial Services – What Are They? Why is it so Hard?

The need for more robust data retention management and enforcement is more than just good data management practice. It is a legal requirement for financial services organizations across the globe to comply with the myriad of local, federal, and international laws that mandate the retention of certain types of data for example:

  • Dodd-Frank Act: Under Dodd-Frank, firms are required to maintain records for no less than five years.
  • Basel Accord: The Basel guidelines call for the retention of risk and transaction data over a period of three to seven years. Noncompliance can result in significant fines and penalties.
  • MiFiD II: Transactional data must also be stored in such a way that it meets new records retention requirements for such data (which must now be retained for up to five years) and easily retrieved, in context, to prove best execution.
  • Bank Secrecy Act: All BSA records must be retained for a period of five years and must be filed or stored in such a way as to be accessible within a reasonable period of time.
  • Payment Card Industry Data Security Standard (PCI): PCI requires card issuers and acquirers to retain an audit trail history for a period that is consistent with its effective use, as well as legal regulations. An audit history usually covers a period of at least one year, with a minimum of three months available on-line.
  • Sarbanes-Oxley:Section 103 requires firms to prepare and maintain, for a period of not less than seven years, audit work papers and other information related to any audit report, in sufficient detail to support the conclusions reached and reported to external regulators.

Each of these laws have distinct data collection, analysis, and retention requirements that must be factored into existing information management practices. Unfortunately, existing data archiving methods including traditional database and tape backup methods lack the required capabilities to effectively enforce and automate data retention policies to comply with industry regulations.  In addition, a number of internal and external challenges make it even more difficult for financial institutions to archive and retain required data due to the following trends: (more…)

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Posted in Application ILM, Big Data, CIO, Database Archiving, Enterprise Data Management, Financial Services, Vertical | Tagged , , | 1 Comment

CEP: Proactive Monitoring, Proactive Compliance and Customer Engagement

In the second of two videos, Scott Fingerhut, senior director of product marketing for CEP at Informatica, talks about how Complex Event Processing (CEP) can be applied: proactive monitoring, proactive compliance and customer engagement.

 

 

Learn more about CEP in Scott’s first video: http://www.youtube.com/watch?v=AUmveP07Ea8.

 

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Optimize Data Warehouses with Data Usage Monitoring and Data Warehouse Archiving

Data warehouses are applications– so why not manage them like one? In fact, data grows at a much faster rate in data warehouses, since they integrate date from multiple applications and cater to many different groups of users who need different types of analysis. Data warehouses also keep historical data for a long time, so data grows exponentially in these systems.  The infrastructure costs in data warehouses also escalate quickly since analytical processing on large amounts of data requires big beefy boxes. Not to mention the software license and maintenance costs of such a large amount of data. Imagine how many backup media is required to backup tens to hundreds of terabytes of data warehouses on a regular basis.  But do you really need to keep all that historical data in production?

One of the challenges of managing data growth in data warehouses is that it’s hard to determine which data is actually used, which data is no longer being used, or even if the data was ever used at all. Unlike transactional systems where the application logic determines when records are no longer being transacted upon, the usage of analytical data in data warehouses has no definite business rules. Age or seasonality may determine data usage in data warehouses, but business users are usually loath to let go of the availability of all that data at their fingertips. The only clear cut way to prove that some data is no longer being used in data warehouses is to monitor its usage.

(more…)

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Posted in Application ILM, Data Governance, Data Warehousing, Database Archiving, Governance, Risk and Compliance, Operational Efficiency | Tagged , , , , , , , , , , , , | Leave a comment

What is CEP?

In the first of two videos, Scott Fingerhut, senior director of product marketing for CEP at Informatica, simplifies CEP: Complex Event Processing. In this video, he highlights the importance of being proactive. He also talks about how CEP can be applied: proactive monitoring, proactive compliance and customer engagement.

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Data Storage Is So Cheap Its Expensive

The cost for 1GB of magnetic disk storage 20 years ago was $1,000 – now it’s eight cents. 1GB is enough to store about 20 thousand letter-size scanned documents. To store the same number of paper documents would require two four-drawer filing cabinets which would cost about $400. The cost of electronic data storage is five thousand times less than paper storage.

Costs have dropped consistently 40% per year which accounts for the more than 12,000 times reduction in cost since 1992.  The cost for RAID or mainframe disk storage is somewhat greater, but the historical trend for other storage devices has been similar and the forecast for the foreseeable future is that costs will continue to decrease at the same rate. Twenty years from now we will be able to buy one tera-byte of storage for a penny. (more…)

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Posted in CIO, Data Integration, Integration Competency Centers, Master Data Management, Operational Efficiency | Tagged , , , , , , , , , | 1 Comment

Remove the Restrictor Plate with High Performance Load Balancing

Similar to the way that a carburetor restrictor plate prevents NASCAR race cars from going as fast as possible by restricting maximum airflow, inefficient messaging middleware prevents IT organizations from processing vital business data as fast as possible.

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Posted in Big Data, Business Impact / Benefits, Financial Services, Governance, Risk and Compliance, Operational Efficiency, Telecommunications, Ultra Messaging | Tagged , , , , , , , , , , , | Leave a comment

Dodd-Frank Legislation and Structured Data Retention

The “Dodd-Frank Wall Street Reform and Consumer Protection Act” has recently been passed by the US federal government to regulate financial institutions. Per this legislation, there will be more “watchdog” agencies that will be auditing banks, lending and investment institutions to ensure compliance. As an example, there will be an Office of Financial Research within the Federal Treasury responsible for collecting and analyzing data. This legislation brings with it a higher risk of fines for non-compliance. (more…)

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Posted in Application ILM, Application Retirement, Big Data, Business Impact / Benefits, Business/IT Collaboration, CIO, Customer Acquisition & Retention, Customer Services, Customers, Data Governance, Data Services, Data Warehousing, Database Archiving, Enterprise Data Management, Financial Services, Governance, Risk and Compliance, Mainframe, Mergers and Acquisitions, Operational Efficiency | Tagged , , , , , , , , , , , , , , , | Leave a comment