By Hans Wegener
Monetary prone associations like overseas banks and insurance firms often have to adapt to alterations of their environments, but deal with threat and confirm regulatory compliance.The writer Hans Wegener finds how metadata can be utilized to accomplish a winning and technological evolution.This special approach is split into 3 components to: 1. clarify how metadata can be utilized to extend an organization's skill to undertake adjustments 2. define the peculiarities of monetary businesses and the way they impact price production and answer layout three. current the sensible aspect of successfully dealing with metadata and maintaining long-term good fortune Wegener to start with illustrates the peculiarities of either metadata administration and the monetary providers undefined. He combines either, places them into context of use, and explains the place and the way this makes existence tough, in addition to the place and the way worth is created. this permits the reader to appreciate the impression of metadata administration on his/her association, its regular unintended effects, prerequisites, and benefits.The e-book then is going onto exhibit how various crosscutting issues controlled in huge monetary companies (change, chance, and compliance administration) can revolutionize company via helping them with metadata administration. this offers a blueprint for use in strategic making plans. eventually, the mechanics of 3 vital functional parts are mentioned in-depth, particularly coping with evolution, caliber, and sustainability. this gives worthy scripts for practitioners for use in real-life.
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Additional info for Aligning Business and IT with Metadata: The Financial Services Way
Second, large multinational corporations are particularly struck by the travails of globalization, which increase complexity: • • • Publicly held: the way they are ﬁnanced, and because of the critical role data plays in ﬁnancial markets, means that public companies are the subject of much regulatory scrutiny and reporting requirements, much more than privately held ﬁrms. Substantial size: bigger multinationals are typically conglomerates of dozens, sometimes even hundreds of legal entities. They operate in their speciﬁc legal environment, which not only concerns regulatory or legal affairs, but also ﬁnancial management issues like taxes.
For example, when your company changes its proﬁt center structure to react to business needs, business associated with old proﬁt centers must be updated to reﬂect the new ones. You are free to choose an appropriate (new) proﬁt center model, but it must update the (old) proﬁt center associations. Mapping is used when one viewpoint exerts a dominant force over the other. For example, when your company acquires another company, the business processes, organizational structure, and applications of the acquiring part will typically take precedence over those of the other.
The market model is used to assess the portfolio, but nothing about either is changed in any way. 36 • • • ROLE OF METADATA IN SUPPORTING CHANGE Quality: does an object under scrutiny meet certain requirements? As an example, take data validation in electronic commerce: based on the data model agreed with an outside partner, data delivered can be checked for correctness and consistency. The model determines what is correct and consistent, it does not lead to the creation of anything. Structure: what is the impact of a given change on an object of interest?