The EDM Council has announced a partnership with the Fintech Open Source Foundation (FINOS) to promote the implementation of the Cloud Data Management Capabilities (CDMC) framework.
Amazon Web Services, Google, IBM, Microsoft, and other major tech giants joined forces last September with the EDM Council – an industry-wide trade association for data management and analysis – to form the CDMC framework.
More than a hundred organizations worked on the project to develop comprehensive cloud data management capabilities, standards and best practices for cloud, multi-cloud and hybrid cloud implementations, and to integrate automated key controls to protect sensitive data.
The partnership between the EDM Council and the Fintech Open Source Foundation was led by Morgan Stanley and LSEG, members of the organizations.
Through the partnership, CSPs, fintech and technology companies will be able to provide services, while other companies “can specialize in providing compliance and certification to the CDMC standard.”
FINOS executive director Gabriele Colundro said in a statement that financial institutions and fintech providers “need to demonstrate to regulators that they comply with industry regulations when working with cloud service providers for their data management.”
In addition, Bobby Gilja, Morgan Stanley CIO for cloud and architecture, said that security and resilience are critical for their businesses, customers and the market in general for all stakeholders in the financial industry.
This project also enables companies to readily adhere to best practices for managing cloud data while scheduling automatic configuration settings.
COO and EDM Council co-founder Mike Meriton also said that open source cloud testing technology optimizes the challenges organizations face, making it obvious to pair this capability with the CDMC framework.