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Cloud Data Management

Cloud Data Management

Driving Best Data Practices for Cloud Migration

Across all industries, firms are embracing cloud technologies to advance their digital transformation and business strategies. Yet there is a gap in understanding and applying the optimal data management capabilities required for successfully migrating and operating in the cloud.

Introducing the Cloud Data Management Capability Workgroup

EDM Council is pleased to launch the Cloud Data Management Capability (CDMC) workgroup to address the challenges and define best practices.

The CDMC workgroup is managed by the EDM Council and co-chaired by Morgan Stanley and Refinitiv, with participation from the world’s top Cloud Service Providers (CSPs), technology firms and over 20 leading financial industry firms.

LEARN MORE ABOUT THE CDMC GROUP

Challenges of Cloud Data Migration & Operation

Every cloud implementation faces a variety of data, technology, and planning challenges. This includes a lack of consistent, industry best practices for applying data management capabilities while migrating and operating data, applications, and operations to cloud environments, across multi- and hybrid-cloud. Furthermore, the baseline data management capabilities of Cloud Service Providers (CSPs) do not incorporate financial services standards and consistency.

As a result, financial institutions face additional cost and complexity when adopting cloud technology to ensure the expected data management standards for regulated entities are achieved. Technology service providers including CSPs and SaaS providers, are also challenged in understanding data management priorities to drive seamless cloud implementations for their clients. These complex areas include: 

  • Cataloguing and Classification
  • Data Accountability and Governance
  • Data Access and Usage Tracking
  • Lifecycle Management
  • Security and Privacy
  • Commercial Best Practice

Goals and Objectives of the CDMC

The goal of the Cloud Data Management Capability (CDMC) workgroup is to establish an industry best practice guideline in implementing data management in the era of Cloud Computing.

CDMC workgroup objectives:

  • Create an open source CDMC (Cloud) best practice industry framework as an integral part of an organization’s overall data management best practice.
  • Identify common cloud data management capabilities and control criteria.
  • Provide industry feedback to technology service providers including CSPs (Cloud Service Providers), SaaS providers, and consultancies on prioritized requirements that will accelerate Cloud adoption and implementations.

Contact us to inquire further about the CDMC workgroup.