By Hans Wegener
Monetary prone associations like overseas banks and insurance firms often have to adapt to adjustments of their environments, but deal with probability and confirm regulatory compliance.The writer Hans Wegener unearths how metadata can be utilized to accomplish a winning and technological evolution.This new angle is split into 3 components to: 1. clarify how metadata can be utilized to extend an organization's skill to undertake alterations 2. define the peculiarities of economic agencies and the way they impact worth construction and answer layout three. current the sensible facet of successfully handling metadata and maintaining long-term luck Wegener to start with illustrates the peculiarities of either metadata administration and the monetary prone undefined. He combines either, places them into context of use, and explains the place and the way this makes existence tricky, in addition to the place and the way worth is created. this allows the reader to appreciate the effect of metadata administration on his/her association, its general uncomfortable side effects, prerequisites, and benefits.The e-book then is going onto demonstrate how varied crosscutting matters controlled in huge monetary organisations (change, possibility, and compliance administration) can revolutionize enterprise through assisting them with metadata administration. this offers a blueprint for use in strategic making plans. ultimately, the mechanics of 3 very important sensible parts are mentioned in-depth, particularly dealing with evolution, caliber, and sustainability. this gives precious scripts for practitioners for use in real-life.
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Extra info for Aligning Business and IT with Metadata: The Financial Services Way
From this point forth it should be assumed that before reiﬁcation, all opportunities for simpliﬁcation and isolation have been exhausted. 6 illustrates what is meant. Take an example from the banking world, credit products: whether you are taking out a loan on your house or ﬁnancing your car, the rules will be different. For a home loan, different legal clauses apply and different types of collateral are permitted. In Switzerland you may post your 2nd pillar pension (which is private but partially paid for by your employer) as collateral, but in Germany you cannot.
Chapter 5 looks at the risk management process and describes how you can make use of metadata to manage risks more successfully. First off, it explains why IT today plays a bigger role in managing risk than ever before. It then goes on to illustrate what effects the use of IT has in managing risk, both direct and indirect. It also emphasizes the risks IT itself introduces. With this picture in mind, the chapter claims that the role of metadata in managing risk lies in the support for risk transformation, data quality management, and architectural alignment.
When SOX implicitly required them to do so, the processes had to be captured, classiﬁed with regard to their relevance, and related to each other so that deﬁciencies (that might have a material impact on the company’s published ﬁnancial results) could be appropriately handled by process-level controls. These would also apply to the claims management process, as above. Any such piece of data, be it related to managing reserves or to SOX, must be managed in addition to and separate from claims management itself.
Aligning Business and IT with Metadata: The Financial Services Way by Hans Wegener