>> When it comes to data governance,
setting up the policies isn't the problem.
41 percent of executives said that
their biggest issue was enforcing
information governance policies once created.
As a Compliance Manager, you know,
no matter where you provide financial services,
you are responsible to many regulatory bodies.
Business units and financial services institutions
have historically managed
their own data governance initiatives.
So, coordinating enterprise-wide compliance
for regulations can be a challenge.
Without a good grasp on what data
it has and where the data is,
weak data governance exposes
financial organizations to regulatory risk.
Compliance teams need to be able to design
governance policies that are easy
to use and easy to enforce.
92 percent of IT decision makers with data in
the cloud are confident in
their ability to be compliant with the GDPR,
compared with just 65 percent of
those who prefer to store data on-premises.
Why is this? We can't answer for
all cloud providers but we know
for Microsoft 365 customers,
Microsoft assumes and manages
the larger part of controls.
This enables organizations to focus on and
manage a smaller subset
of regulatory compliance controls.
Microsoft 365, which brings together Office 365,
Windows 10, and Enterprise Mobility and
Security gives you the tools to
enforce your data governance policies.
It helps you to know and classify your data,
preserve high value data in place,
and purge what's redundant,
trivial, or obsolete with confidence.
It provides cloud intelligence for
proactive policy recommendations based on your criteria.
There are built-in policies that help you comply with
important regulations like the GDPR
or outsourcing requirements such as by the FFIEC in
the US or the European Banking Authority in Europe.
It provides default alerts to
ensure good data governance on your behalf.
The service leverages cloud intelligence
to automatically detect anomalous governance,
like in an unusual volume of
file downloads compared to regular usage of the service.
As you assess your organization's compliance posture,
an overview of the data in your tenant
highlights how much data
is currently in your organization,
where it is, and how it's growing over time.
This summary can help you to confidently
take charge of your data governance practices,
and ensure you are not overlooking any data sets.
It all starts when you bring your data,
including on-premises data to the cloud.
There are intelligent capabilities in
advanced data governance that
allow you to filter your data.
So, you only import what you need into Office
365, including non-Microsoft data.
Do you treat all data the same?
No. Certain requirements under MIFFID and
SEC require retention of
specified data for prescribed time periods.
At the same time, firms may also be required
by the GDPR to delete customer data on demand.
Navigating compliance can be tricky but Office
365 makes it easy for you to govern your data,
by letting you create the policies you want
to support your firm's specific needs.
Design your policies to proactively comply with
both industry regulations and internal policies.
For example, retain content
as long as required for compliance,
while simultaneously setting deletion dates
to minimize security risks.
Say goodbye to the pain of
managing separate application specific policies.
Now, you can quickly create a universal policy across
the entire Office 365 service
or pinpoint specific policies for different users,
like employee groups that may have access to
a customer's personal information or
sensitive data types, like a credit card number.
Labels in Office 365,
make it easy for your organization to
follow information governance policies.
Creating them is similar to
building a new governance policy.
Here, you can see the labels
deployed to the Outlook Web App.
Labels help ensure compliance and
data governance is not just an administrator task.
System default alerts are available
out-of-the-box to identify data governance risks,
such as unusual volume of file deletion.
Coupled with data loss prevention policies,
you can help prevent the accidental sharing
of sensitive information
and teach users how to stay
compliant without interrupting their workflow.
Together, retention policies, classification labels,
and alerts give compliance teams the right tools.
The tools needed to meet
the diverse and unique data challenges
facing the financial services sector.