Financial Services

Data Stewardship For FDIC Part 370

The basis for any response to Part 370 will be a thorough analysis of customer, account, and deposit data across the organization. This can be a massive undertaking at an organization the size of those targeted by Part 370. We have led dozens of data analysis and remediation efforts across industries, including:

  • System identification: Looking across the organization’s various functions, business units, and possibly geographies to identify all sources of relevant data
  • Data analysis: Cataloging the various places that relevant data exists and determining the quality of existing data and gaps with respect to Part 370 requirements
  • Data remediation: Creating a plan for addressing data gaps and quality issues, as well as defining survivorship rules in cases of multiple sources for similar data
  • Data origination: Documenting and improving the processes in place for new data generation, such as account opening and integrations with third parties
  • Data security: Mapping the organization’s data security protocols and assessing its adequacy to support the storing and possible transmission of customer data relating to Part 370

With an understanding of the company’s data in place and a plan for addressing any shortcomings, the company will have a solid foundation for crafting a response to Part 370.

Get the Perspective
Digital Account Opening: The Secret to Growth Amid Covid-19?

Read our perspective to learn the importance of digital account opening in the touch-free Covid-19 era and the top 10 questions you should ask yourself when evaluating your capabilities.

Get the Perspective

If you are interested in learning more about FDIC Part 370 and how we can help you comply with the rule, please download our comprehensive guide or complete the contact form at the bottom of this page.

About the Author

Matt Schmitzer joined Perficient in 2013 via the acquisition of ForwardThink Group. His areas of focus include strategy definition, business process redesign, and program management for large financial services organizations. He has over 15 years of experience spanning banking, wealth and asset management, and capital markets. Matt has successfully delivered projects at a range of clients, including Citibank, Morgan Stanley, State Street, and RBC.

More from this Author

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Subscribe to the Weekly Blog Digest:

Sign Up