Week 4 Blog - Data Management

Week 4 Blog

Data Management

Nowadays, all businesses create and store more and more data than ever before.  Financial Institutions are the type of businesses that create a vast data for their daily business.  With a huge amount of data that include many sensitive data and intellectual data, they better need to manage the data very well.  This is not just for their duty, benefit, operation, but also for complying with different regulations.

So the questions are how they manage and protect the data?  What would be the tools they use? How financial institutions deal with different regulations? What human effort that they need to dedicate for data management?  Bad data management would cause data lost and lead to many terrible issues such as lost in revenue, lost customers’ trust, damage business reputation and also involving with penalties and fine.

Depending on each business type, I believe that company can purchase existing well known tool out there to do data management.  Each tool also should have the flexibility for each enterprise to custom their uses and needs.  Why doing some quick research on the web, I see that the InfoTrellis provide one of the powerful tool for data management.  MDM is the service and solution that would help financial institutions not only manage well data but also all the regulations.

Reference:

Infotrellis.  (August 8, 2016).  Retrieved from http://www.infotrellis.com/mdm-regulatory-compliance-banking-industry/