Banking and Financial Data Governance
The banking and financial services industry has seen a massive increase in compliance issues due to the impact of global regulations. Ensuring all data is accessible, secure and delivered at the highest level of quality, is an essential component of effective data governance.
Meridian Integration can help you identify the best solutions for improving data processes and procedures across the institution. Poor data quality and inadequate data security leads to reduced levels of productivity and exposes the organization to many risks and regulatory compliance issues. For data governance in the banking and financial industry to be effective, the organization must have the right technology, methodology and processes in place to manage their data assets.
EDMS Data Governance Features:
- Data Strategy, Management and Governance
- Financial Crime Detection and Prevention
- Operational Resilience
- Conduct Risk
- Transaction Reporting
- Internal Audit Analytics
- Regulatory Compliance
- Regulatory Data Management
EDMS Data Governance Benefits:
- Repeatable & automated processes around data management
- Improved data quality and usability
- Improved data security and auditability
- Increased visibility into costs associated with data
- Increased accountability for use of data & appropriate use of data
- Standardized lifecycle management for data use
Our Storage footprint and cost was continually increasing, Quality of test data was insufficient in spite of higher volumes of accounts to provide more scenarios, refreshing test environments was time consuming due to higher account volumes, no method in place to provide purge functionality that would maintain data integrity. After implementing the Meridian EDMS platform the Immediate result was the elimination of 17TB of premium storage that supported test environments and one high end Unix server that hosted the databases, reductions in storage growth provided O&M savings of $2 M costs over 5 Years, avoided capital costs of $4.4 M from storage purchases no longer required, smaller test databases through EDMS functionality that provides representative samples of accounts specific to our installation, faster test database refreshes through EDMS representative samples and Improved test quality through an EDMS data extraction process which allows users to extract accounts that specifically address their test scenarios.
— (BGE) Baltimore Gas and Electric Company