EDM Council, a cross-industry trade association for data management and analytics, has published the Cloud Data Management Capabilities (CDMC) framework for managing data in the Cloud. The CDMC framework, available for all industries, 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 was developed over the last 18 months by EDM Council’s CDMC Workgroup, with participation from leading financial industry firms, consultancies and technology companies, including Amazon Web Services (AWS), Google Cloud, IBM and Microsoft. It is chaired by Morgan Stanley and LSEG, with project management provided by Capco.
The CDMC framework is composed of six components, 14 capabilities and 37 sub-capabilities that allow companies across all industries to effectively manage their cloud environments. The six components encompass data governance and accountability, cataloguing and classification, data accessibility and usage, data protection and privacy, data lifecycle, and technical architecture.
“As the Cloud increasingly becomes a foundational component of emerging business models, the CDMC framework will be a valuable resource for accessing comprehensive and up-to-date best practices for data management, not only in the financial services segment but across all industries. AWS is proud to have contributed to the development of the framework and looks forward to continuing to support this collaborative effort,” said Scott Mullins, Director, Worldwide Business Development, Financial Services at Amazon Web Services.
“Cloud acceleration has skyrocketed as companies of all sizes and industries become more reliant on data to drive transformation,” said Evren Eryurek, Director of Product Management for Data Analytics at Google Cloud. “The speed at which businesses are able to respond to change is the difference between those that successfully navigate the future and those that get left behind. The CDMC framework is going to be a tremendous resource for companies as they continue to accelerate their digital transformation and reimagine their business through effectively leveraging the power of real-time data.”
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“A critical next hurdle for the global financial services industry is the adoption of a standard set of best practices regarding the management of data in multi-cloud environments, particularly controls to protect data privacy and to comply with regulations. The dramatic rise of cybercrime combined with increased scrutiny from regulators on financial institutions, as stewards of their clients’ most sensitive data, makes a compelling case for significant investment and coordination in this space,” said Rajiv Chodhari, Vice President and Financial Services Data & AI CTO at IBM. “The EDM Council has taken an important first step in aligning the financial services industry and its partners on these issues.”
“We are thrilled to join the EDM Council in celebrating the release of the CDMC guidance to help the industry effectively manage data across cloud and hybrid environments,” said Mike Flasko, General Manager of Azure Data Governance Platform at Microsoft. “We greatly appreciate the opportunity to partner with everyone involved and are excited to see all the ways it will be used to further data management across industries.”
“The EDM Council is honored to have facilitated the development of the CDMC framework to provide an auditable and certified cloud data management best practice available as a free license for all industries,” said John Bottega, President of the EDM Council. “We’re very excited to be releasing the CDMC framework and appreciate the global industry efforts of everyone involved in this 18-month initiative.”
