EDM Council Launches Cloud Data Management Work Group to Develop Best Practice Framework to Accelerate Cloud Adoption
PR84974
NEW YORK and LONDON, July 30, 2020 /PRNewswire=KYODO JBN/ --
EDM Council, the leading trade association for data management, has launched
the Cloud Data Management Capabilities (CDMC) Best Practices Work Group. This
new group includes participation from Amazon Web Services (AWS), Google Cloud,
IBM Cloud, and Microsoft Azure, as well as over 20 leading financial industry
firms. The Work Group has been formed to develop an open source CDMC Best
Practice Framework to accelerate Cloud adoption and automate the associated
controls. The EDM Council Work Group is being co-chaired by Morgan Stanley and
Refinitiv, with project management provided by Capco.
Cloud implementations typically face a common series of complex data,
technology, operational and control challenges. Industry also lacks a common
end-to-end Cloud data management best practice framework. This Work Group will
address these gaps by developing an open-source best practice framework based
upon the EDM Council's Data Management Capability Assessment Model (DCAM®).
DCAM is a formal framework used to assess a firm's data management capabilities
and is maintained by the EDM Council. DCAM utilizes a consistent scoring model
which has been adopted by 60% of financial organizations globally that use data
management frameworks.
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.
"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," said John Bottega, President, EDM Council.
"It's imperative that firms implement data management best practices in their
Cloud strategies. We're confident that the CDMC Work Group will play a major
role in crafting this best practice framework to benefit all industries."
About EDM Council
EDM Council is the global non-profit association created to elevate the
practice of data management and analytics as a business and operational
priority. The Council is the leading, global advocate for the development and
implementation of data standards, best practices and comprehensive training and
certification programs. With over 200 member global organizations representing
over 10,000 data professionals from the Americas, EMEA and Asia-Pacific, the
EDM Council provides a venue for data professionals to interact, communicate,
and collaborate on the challenges and advances in data management and analytics
as critical organizational functions. For more, visit https://edmcouncil.org/.
SOURCE EDM Council
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