Financial Institution Advantage and the Optimization of by Sean C. Keenan

By Sean C. Keenan

This booklet bargains a key source for figuring out and enforcing powerful information governance practices and knowledge modeling inside monetary agencies. Keenan outlines the concepts and instruments wanted for monetary associations to take cost and make the much-needed judgements to make sure that their firm's info processing resources are successfully designed, deployed, and applied to satisfy the stern regulatory Read more...

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deals a key source for knowing and imposing powerful info governance practices and information modeling inside monetary firms. This ebook outlines the strategic capabilities, includes Read more...

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Extra resources for Financial Institution Advantage and the Optimization of Information Processing

Sample text

It is not obvious how an institution should approach narrowing or eliminating the IT rift, but one thing is clear: It needs to be recognized by the senior leaders of the firm as a challenge to be overcome, and this is unlikely to occur unless corporate leaders themselves are more IT savvy than they have been historically. A more deliberate and holistic approach to information processing means not only structuring physical data processing and analytic capabilities (as discussed below), it also means creating an organizational structure to match that modernized business model (also discussed below).

This gives rise to a tendency toward localized solutions, and frustrates the centralization of data and information processing that would give rise to economies of scale and enable the establishment of an integrated and consistent vision for information processing. Frequently, constituents engaged in certain sets of activities will try to segregate themselves from the firm’s efforts to develop an integrated and efficient information management framework (and culture). These may be the within-firm leaders in information processing, in which case the talent and experience of the individuals involved and the capabilities of the system architecture should be tapped by HQ leaders to help shape the corporate vision.

So acquiring the best tools to perform these tasks and ensuring that they are being aligned correctly with the appropriate user base, and that users are adequately trained, should be one of the top strategic STRATEGIC HARDWARE AND SOFTWARE MANAGEMENT 31 objectives of the modern financial institution. But this is no simple task. Because industrial-strength data storage hardware tends to be either fungible or bundled with proprietary software, and because it is easier to evaluate system design features in terms of how well they support specific uses of data and information (as opposed to the physical features of the system), it may be easier to determine the overall system design first and treat decisions about the necessary software and hardware as dependent subsequent steps.

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