Supporting the EDM Council’s New Cloud Data Management Framework

From core business applications to next-generation cloud data lakes and AI-assisted analytics, advancements in modern cloud solutions have helped accelerate digital transformation across the financial services industry. As more banks, fintechs, credit unions, and insurance companies adopt modern cloud solutions, it will be more important than ever to have access to data that is “fit for business use.” This holds true for the systems and applications that run the business regardless of where they reside, whether on-premises, in multiple clouds, or in hybrid environments.

In response to these industry trends and requirements, the Enterprise Data Management (EDM) Council established the “Cloud Data Management Capabilities (CDMC)” workgroup in May 2020. Made up of industry experts from over 100 firms – including cloud service providers Amazon Web Services, Google Cloud, IBM Cloud, and Microsoft – the workgroup features leading financial, consultancies, and technology firms including Informatica, an authorized CDMC partner and longtime council member. 

On September 28, 2021, the EDM Council published the Cloud Data Management Capabilities (CDMC) framework for managing data in the cloud. Available for all industries, the CDMC framework represents a comprehensive set of cloud data management capabilities, standards, and best practices for cloud, multi-cloud, and hybrid-cloud implementations, incorporating automated key controls for protecting sensitive data. The CDMC framework is composed of six components, 14 capabilities, and 37 sub-capabilities that allow companies to effectively manage the data in their cloud environments.  

^{Figure 1. The EDM Council Cloud Data Management framework addresses 14 key data management and governance capabilities.}

While Informatica continues to work with the EDM Council to conduct a formal readiness assessment by an independent DCAM Authorized Partner (DAP), I had a chance to compare the CDMC framework’s 14 capabilities to the Informatica Intelligent Data Management Cloud, and the alignment to the emerging CDMC framework looks good. The Informatica Intelligent Data Management Cloud is the industry’s first integrated platform of Informatica’s industry-leading data integration, data catalog, data privacy, and data quality management solutions that delivers an end-to-end data management and data governance solution for today’s cloud modernization investments.  Here is what I found:

Modernizing to the Cloud Is a Journey, not a Sprint

Modernizing the financial services industry will take time. The reality is, those 20- to 30-year-old systems that have been running the business may never completely go away. As such, organizations need to consider data management, data governance, and data privacy solutions that can address this hybrid world, on-premises and in the cloud.

These were some of the key points that were addressed in a September 16 webinar I participated in with Microsoft Industry Executive Sandeep Mangaraj and John Bottega, President of the EDM Council. During our session, we talked about the major trends driving investments in cloud modernization and what it takes to get data “cloud ready.”

As a sponsoring EDM Council member for over a decade, we look forward to helping the financial services community get in front of their data management and data governance requirements and ensure their data is “fit for use” by enabling the successful adoption of the CDMC framework with Informatica’s Intelligent Data Management Cloud.

Next Steps

• Learn more about the CDMC framework initiative
• Download the CDMC framework document
• Learn more about the EDM Council
•  Watch our webinar with Microsoft and the EDM Council, “Realizing the Value of Cloud Modernization in Financial Services”