Organizations undergoing digital transformation need to leverage cloud infrastructure, platforms and software to accelerate their journeys. But transitioning to the cloud is not a simple process, particularly for those in regulated industries, or with a sprawl of legacy systems and technical debt to untangle.
Data management plays a pivotal role in successful cloud adoption. Data is the lifeblood of applications, so as organizations migrate more of their IT estate to the cloud, they need to start with a granular understanding of their data. Through a better understanding of data, organizations will be able to identify dependencies, and begin untangling legacy systems, while rationalizing and simplifying their estate.
As organizations progress down that path, they invariably require a framework to guide their journey. Rather than continuously reinventing the wheel by having each firm develop its unique approach, data management association EDM Council sought to agree upon a common framework. Given that its membership consists of more than 20 financial institutions, including data and technology vendors, industry regulators, consultancies and cloud service providers – it is natural that part of the remit of the CDMC working group has been to establish a framework that is tailored to financial industry requirements.
Collibra product manager Aurko Joshi and Google Cloud consultant Mosè Tronci have both taken active roles in the CDMC working group, which is helping to develop standards in key areas of cloud data management, including data cataloging and classification, data governance and accountability, access control and data usage, lifecycle management, data privacy and commercials.
Joshi and Tronci took part in a virtual event that introduced the CDMC to hundreds of senior financial industry data executives. To access a replay of their presentation click here.
The discussion provided an overview of the CDMC working group’s activities, including the group’s soon-to-be-published framework, which is currently under review and due to be released in the second or third quarter of this year.
In a series of follow-up articles, Joshi and Tronci will delve into additional aspects of cloud data management in further detail, and provide updates on the CDMC framework.
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