Digital transformation initiatives should also consider the maturity, limitations, and appropriateness of artificial intelligence, machine learning, and robotics technologies. Again, look to other industries for insight. If you believe the automotive pundits, fully autonomous, driverless cars are only months away. Google and Tesla told us they would have fully autonomous cars by 2018; GM planned […]
Financial Services
Establishing a California Consumer Privacy Act Compliance Program
As stated in our previous blog, complying with the CCPA requires a strategic approach that covers all stages of planning, analysis, implementation, and quality assurance. A comprehensive compliance program includes all of the following: PLANNING Impact analysis, as well as business case and roadmap development Identify the project work streams Establish the program governance model […]
Responsibility of Data Architecture in Data Governance
The data architecture capability will supply the components and standards necessary to implement other capabilities coherently and enable them to work together. A primary responsibility of data architecture is to define and have an accepted enterprise-wide set of models, standards, glossaries and hierarchies which allow a standard description of data across business lines, products and […]
A Roadmap for Building Trust With Wealth Management Clients
Wealth management firms are at the dawn of this journey. You should focus on strategies that respond to Millennial behavior and operational excellence throughout the entire client lifecycle. This focus is essential to creating the trust required to make all the complex technology work. If you want your clients to embrace artificial intelligence, machine learning, […]
Guide: Complying with the California Consumer Privacy Act of 2018
The state of California has passed a digital privacy law that requires businesses to make disclosures about their collection, use, and dissemination of consumer personal information. The California Consumer Privacy Act (CCPA) will have far-reaching effects on how financial institutions manage their customer data. Compliance will be difficult for firms with disparate silos of customer […]
Big Data Bootcamp by the Beach: An introduction
This is a little story about nothing ventured; nothing gained. One day, I got a LinkedIn message asking if I would like to teach a Big Data Bootcamp at an event for the Universidad Abierta Para Adultos in Santiago de Caballeros, República Dominicana. Luis didn’t know me; he just saw my profile and saw that I’ve been […]
Defining Organizational Roles in a Data Governance Road Map
The data governance road map should define a data governance operating model and organization structure. As part of the structure, an executive steering committee should be established with representation from all key areas of the financial institution. The steering committee is responsible for providing overall direction and vision for the company’s data strategy and governance […]
The Importance of Building Trust With Wealth Management Clients
In a CNBC interview, MIT professor and Nobel Laureate Robert Merton spoke about the importance of building trust in the wealth management client experience. “What you need to make technology work is to create trust. Technology doesn’t create trust on its own,” Merton said. So, how can you create the trust necessary to ensure that […]
Getting Started With Data Governance
Data governance doesn’t start in a vacuum; it requires plenty of advance thinking, preparation, and strategy. As such, successful data governance must begin with a foundation built on data principles and a well-thought-out data strategy. Data principles are core guidelines and beliefs that form the backbone of the data strategy and core data governance capabilities. […]
6 Best Practices for Your CECL Response Program
Understanding the new current expected credit loss (CECL) regulation, how it impacts an organization, and how to go about implementing and managing a response program will be critical for firms carrying financial assets covered by the accounting standard update. Companies will need to understand the history and lifecycle of their data and processes, and engage […]
Wealth Management is Getting Serious About Digital Transformation
Hardly a day goes by without a mention of how to use artificial intelligence, machine learning, mobility, and robo-advice to make wealth managers more relevant to the holy grail of customer segments – Millennials. In a few years, Millennials – who have owned digital devices all their lives – will make up half the world’s […]
Data Quality Improvement is Key to Successful Data Governance
The goal of any data quality program is to improve quality of data at the source. Once a financial institution’s data lineage capabilities are in place, a key starting point for data quality initiatives is the confirmation of critical data attributes for each major business line and functional area. The data quality program should define […]