structured, unstructured needs to be dealt with from an information security lens to ensure high levels of data security to prevent theft, unauthorized access, and corruption throughout the lifecycle of the data.ĭ) has customer journeys that are getting simplified with omni-channel platforms these real time interactions mean low tolerance to data integrity issues
Sound encryption, user access, backup & restore policies: Data variety i.e. These departments are empowered with easy to use cross-functional data that is appropriately labelled for self-service & automated queries to validate data across data silos.ī) has data privacy protection as a non-negotiable requirementįormal top down centralized Privacy program: At the heart of the Privacy program would be the Data Classification which would further support the data tenets of a sound Privacy program such as collection, storage, processing, retention, & disclosure of data.Ĭ) ensures data security throughout the data journey within & outside the organization operational business risk management, risk & compliance & Internal Audit.
Financial Services has certain peculiarities similar to if not more than comparable industries like a few key highlights listed below:Ī) is a highly regulated industry which has multiple layers of compliance, legal & regulatory requirements to risk manageĬomply at all costs the Federal (US) / National and State regulations: Build a conducive organizational structure with three lines of defense i.e.
This statement in itself elevates the Data (Management) office to one of strategic significance.
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