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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