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Align Your Business Model with Millennial Values

Build trust by aligning your business model with what Millennial investors value. Millennial investors tend to be confident and independent. They want an adviser to do something they can’t do themselves. Business models – supported by appropriate technologies that include taking the time to understand where Millennial investors are getting their information, what influences their […]

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Expect Challenges with the California Consumer Privacy Act

Compliance with the CCPA will be challenging because it represents major changes in how financial institutions conduct their business. DATA DISPERSION Consumer personal data is often scattered across multiple internal platforms and shared with many third parties. Firms may not have a full picture of where this information is stored and how it is controlled. […]

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Establishing Authoritative Sources in Data Governance

Establishing an authoritative sources capability confirms the enterprise approved source for data ownership, including both origination and distribution. Before a financial institution can agree on authorized sources of data, there must first be a common understanding of the type of data being sourced. Data will need to be classified in an agreed-upon enterprise data model. […]

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Consider Maturity, Limitations, and Appropriateness of New Tech

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 […]

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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 […]

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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 […]

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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, […]

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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 […]

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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 […]

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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 […]

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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 […]

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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. […]

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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 […]

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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 […]

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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 […]

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Design Patterns for Historical Translations in Oracle HFM Part 1

There is always very much confusion surrounding the topic of currency translation in Oracle Hyperion Financial Management (HFM). I will focus here on one of its more challenging aspects – translation of equity/capital accounts, aka historical translation. I will be arguing that: “Override accounts”, the traditional design for historical translations, is not the best fit […]

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Implementing a CECL Response Program

Organizations will need to modify or redesign their loss reserve processes and systems based on the new CECL standard in light of the substantive changes in methodology. As CECL requires a forecast of loan losses over the life of the instrument, both at the time of origination as well as the revaluation on an ongoing […]

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Financial Statements and Disclosures under CECL

Entities must first include the new CECL disclosures in their financial statements and regulatory reports (e.g., the quarterly call report), commencing with the aforementioned effective dates. There is no separate filing requirement for CECL. The structure and granularity of an entity’s income statement and balance sheet does not to change, as the details of the […]

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Establish Formal Data Contracts Between Data Owners and Consumers

A final capability that is emerging is the establishment of formal data contracts between data owners and data consumers and integrates each of the key capabilities described in our previous blogs. A data contract is an agreement that specifies data owner accountability regarding data delivery acceptability levels, as well as the consequences and expectations for […]

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CECL Model Alternatives

CECL requires loss estimates to include relevant information about past events, current condition and reasonable and supportable forecasts using both internal and external information, including a range of qualitative and quantitative factors. Estimates of expected credit losses must consider information related to the borrower’s creditworthiness, the issuer’s underwriting practices, and the current and forecasted direction […]

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