Previously, I discussed data privacy laws, specifically involving New York State Department of Financial Services (NYDFS) 23 NYCRR 500. Now, I want to address the reasons for the regulation and the requirements. This regulation is in place to promote the protection of nonpublic information (NPI) as well as the information technology systems of regulated entities. […]
Financial Services
Things to Consider with Lift-and-Shift Migrations in Cloud
This is the next installment in a series of blogs on the subject of cloud transformation. We decided to call out this specific cloud lift-and-shift migration strategy because of our clients’ experience with this strategy. Many of our clients have seen both negative and positive results from this strategy, however, all of them missed many […]
Data Privacy Laws in Financial Services: NYDFS 500
In my previous post, I discussed what data privacy is and why it’s important? In my post today I want to discuss data privacy laws, specifically involving New York State Department of Financial Services (NYDFS) 23 NYCRR 500. The New York State Department of Financial Services (NYDFS) 23 NYCRR 500 is a set of regulations […]
Behind the Scenes of Implementing Financial Services Cloud
Implementing New Tech for Financial Services The financial services industry has a few extra things to look out for when implementing new technology than other organizations. Between evolving regulations and compliance requirements, having a tool that can grow with you is increasingly important, especially when everything seems to be moving to the cloud. Creating an […]
[Guide] Data Privacy Laws in Financial Services: NYDFS 500 & GDPR
What is Data Privacy and Why is it Important? Data privacy, or data protection, is the relationship between the collection and dissemination of data, technology, the public perception and expectation of privacy, and the political and legal issues surrounding it all. Individuals, as well as businesses, want to protect their sensitive data, the unauthorized disclosure […]
Potential Impacts Beyond Cloud Applications & Infrastructure
This is the next installment in a series of blogs on the subject of Cloud Transformation. When an organization transitions to cloud technology, it will often change the way that organization thinks about IT solutions. Cloud technology allows an organization to operate in more of an experimental/disposable way. This freedom allows an organization to “try […]
Benefits of Deploying Financial Services Systems in the Cloud pt2
As a firm migrates financial services applications to the cloud, systems integration becomes of paramount importance. When some applications remain on-premises while others are housed in the cloud, data must seamlessly and securely be transferred bi-directionally, and in a timeframe consistent with operational requirements. Some of the integration techniques used when all applications are within […]
Benefits of Deploying Financial Service Systems in the Cloud
While deploying key financial service systems in the cloud has numerous advantages, the paradigm, as compared to on-premises systems, is sufficiently different as to require a comprehensive analysis of risks and readiness. The benefits of the cloud have been well documented (reduced up-front infrastructure costs, speed, ability to add server and storage resources on demand, […]
Migrating Core Financial Services Applications to the Cloud
In our most recent blog post, we outlined and discussed the components required for a successful financial process transformation. Today, we focus on migrating to the cloud with your core financial service applications. It wasn’t that long ago that financial services firms shunned the cloud. In 2010, Forrester Research published a report entitled “Cloud Computing […]
Components of a Financial Transformation Program
The previous blog post in this series about transforming financial processes discussed the adjunct applications and their role in control and efficiency. This week, we take a detail look into the components of a successful transformation. Once the impediments to a firm’s financial process are understood, a targeted remediation effort can be constructed. Depending on […]
Change Management Lessons for Salesforce Financial Services Cloud
Bringing new technology to a team is always going to bring a set of challenges. As humans, we are creatures of habit, but we also have the ability to understand the logic behind adapting to the needs of the future. When the Dark Cloud of Change is Already Looming For any business to succeed long-term, […]
Adjunct Apps: Improved Financial Process Control and Efficiency
Previously, we outlined a few areas of concern in the financial transformation process. The installment this week features adjunct applications and their role in control and efficiency. While not critical components of a firm’s financial process, there are supporting applications that can be deployed to speed and better control the operation. Master data maintenance, exception […]