By Hans Wegener
Monetary providers associations like overseas banks and insurance firms usually have to adapt to alterations of their environments, but deal with possibility 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 elements to: 1. clarify how metadata can be utilized to extend an organization's skill to undertake adjustments 2. define the peculiarities of monetary organizations and the way they impact price production and answer layout three. current the sensible facet of successfully handling metadata and maintaining long-term good fortune Wegener first of all illustrates the peculiarities of either metadata administration and the monetary companies undefined. He combines either, places them into context of use, and explains the place and the way this makes lifestyles tough, in addition to the place and the way price is created. this allows the reader to appreciate the influence of metadata administration on his/her association, its average unintended effects, prerequisites, and benefits.The publication then is going onto show how diverse crosscutting issues controlled in huge monetary organisations (change, probability, and compliance administration) can revolutionize company by means of helping them with metadata administration. this offers a blueprint for use in strategic making plans. ultimately, the mechanics of 3 vital useful components are mentioned in-depth, specifically dealing with evolution, caliber, and sustainability. this gives useful scripts for practitioners for use in real-life.
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Additional resources for Aligning Business and IT with Metadata: The Financial Services Way
On the ﬂip side of the coin it helps tremendously in identifying areas where the use of metadata does not add value. 2 Tradeoffs in large multinational corporations As was mentioned already, one focus of this book is on large, multinational, globalized companies. This is important for two reasons. First, such ﬁrms are bound by the typical constraints of organizations beyond a certain size, which grew in a more or less uncontrolled fashion over an extended period of time. All of these constraints decrease our freedom in designing solutions: • • • • Strong division of labor: people in large companies tend to specialize.
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? As an example, consider the separation of the Czech Republic and Slovakia: by using data about the composition of the market and our business, we can decide whether it makes sense to split our business units by country or by line of business.
Part II of this book will talk about that in detail. For the moment just keep in mind that it does usually not work that way. 3 The essence of metadata: reiﬁcation of data In order to structure change adoption, we need to organize our corporation. One popular way is to look at the data that is being processed. For ﬁnancial services organizations, this is an almost natural way, as they mainly process data, not goods. When looking at data, we emphasize what is being handled, not how or in what order.