About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

EDM Council Launches Cloud Data Management Work Group

Subscribe to our newsletter

Data management trade association the EDM Council this week launched the Cloud Data Management Capabilities (CDMC) Best Practices Work Group, with participation from players including Amazon Web Services (AWS), Google Cloud, IBM Cloud, and Microsoft Azure, as well as over 20 prominent financial industry firms. Co-chaired by Morgan Stanley and Refinitiv, project management is provided by Capco.

Cloud implementations typically face a common series of complex data, technology, operational and control challenges; while the industry also still lacks a common end-to-end cloud data management best practice framework. The group is therefore tasked with developing an open source CDMC Best Practice Framework to accelerate Cloud adoption and automate the associated controls. The framework will be based upon the EDM Council’s Data Management Capability Assessment Model (DCAM), a formal framework used to assess a firm’s data management capabilities through a consistent scoring model that has already been adopted by 60% of financial organizations globally that use data management frameworks.

“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,” says John Bottega, President, EDM Council. “It’s imperative that firms implement data management best practices in their cloud strategies.”

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.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Unpacking Stablecoin Challenges for Financial Institutions

The stablecoin market is experiencing unprecedented growth, driven by emerging regulatory clarity, technological maturity, and rising global demand for a faster, more secure financial infrastructure. But with opportunity comes complexity, and a host of challenges that financial institutions need to address before they can unlock the promise of a more streamlined financial transaction ecosystem. These...

BLOG

Synechron-Cognition Collaboration Seeks to ‘Shift Paradigm’ in Software Creation

The race to harness artificial intelligence to create data products and software for financial institutions is at the heart of a collaboration between consultancy Synechron and technology developer Cognition. New York-headquartered Synechron, which has longstanding expertise in providing software solutions that financial organisations use to transform their operations, has embedded Cognition’s Devin agentic engineering platform...

EVENT

Eagle Alpha Alternative Data Conference, Spring, New York, hosted by A-Team Group

Now in its 9th year, the Eagle Alpha Alternative Data Conference managed by A-Team Group, is the premier content forum and networking event for investment firms and hedge funds.

GUIDE

Pricing and Valuations

This special report accompanies a webinar we held a webinar on the popular topic of Pricing and Valuations, discussing issues such as transparency of pricing and how to ensure data quality. You can register here to get immediate access to the Special Report.