Information Lifecycle & Data Management Services
May 25, 2021
An information-led business approach enables leading-practice organizations to achieve the goals of improved risk management, reduced costs, and increased revenue through smarter decision-making.
With organizations becoming more complex and acquiring and creating more data, the need for process automation is more important than ever. We help businesses organize data to specified policies, allowing for the automation of data migration from one tier to another based on defined criteria.
The key elements of a mature information-led business include:
- Data: Transform data into a high-quality, accessible asset, in accordance with data strategy
- Analytics: Leverage Accelerators in Analytics, AI, and Digital
- Risk & Compliance: Incorporate leading practices in BCBS 239, data governance and quality, fine grain access control, identity access management (“IdAM”) and zero trust architectures
- Information-Led Banking (iLB) Solutions: Develop and delivers leading practice use cases for the industry’s most pressing problems
- Bank and Industry Managed Services: Leverage enterprise- wide and industry-wide capacity to reduce cost and/or improve leading practices
What is Information Lifecycle Management?
At the foundation of any information-led business is information lifecycle and data management (“ILDM”). ILDM is a policy-based approach with a set of governing principals that identify and manage the flow of data based on classifications that allow for flexibility in the change of data over time.
- Cherry Bekaert’s ILDM methodology approaches each organization through the lens of these five core objectives:
- Infrastructure enhancements to enable reporting of key risk management information to leadership
- Increase the information reporting speed to enable more agile decision-making
- Develop data risk management expectations across legal entities while assessing
risk exposure at a global level - Reduction of residual risk based on sound control design and operating effectiveness to manage risk factors
- Improve organization strategy by effectively managing risk on product and service delivery
Benefits of Information Lifecycle and Data Management
We help organizations in various industries implement a strong information lifecycle and data management process with three main goals – data security/privacy, data integrity and data access. Our approach aligns these goals with key data management considerations to allow organizations to gain improved and faster decision-making and analysis of their data and key performance indicators (“KPIs”):
- Develop a data management program (and data governance program, as needed)
- Understand the business and strategic data requirements for your organization
- Design, build and test business rules and infrastructure to govern data access, use and proper data management. Designing the right architecture allows for reduced risk, data governance, business optimization and cost savings
- Define, classify and label data, from cradle to grave management of relevant data and meta-data
- Implement a robust data retention policy and framework, including backup, archive, restoration and removal processes for all data classifications
How We Can Help
As an accounting firm with a global presence, our Risk & Accounting Advisory Services (“RAAS”) practice has extensive experience working with many regulatory and compliance requirements, including BCBS 239, GLBA, HIPAA, FFIEC, GDPR, CCPA, ISO, PCI, CMMC, and FedRamp. We aim to simplify the compliance process and create efficiencies, help your organization properly implement and govern information management.
Our team has experience in implementing and managing through secure IdAM, zero-trust requirements in conjunction with the major Governance, Risk Management and Compliance practices, data governance tools and accelerators aligned with industry leading practices.