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.