Snowflake, the Data Cloud company, announced that it has successfully completed an assessment conducted by KPMG on the 14 Key Cloud Controls for protecting sensitive data, a component of the EDM Council’s Cloud Data Management Capabilities (CDMC) Framework that ensures a comprehensive set of industry-standard guidelines for Financial Services organisations and other industries as they move their data into the Cloud. Snowflake’s Financial Services Data Cloud is the first cloud platform to be independently assessed against the recently published CDMC Key Controls.
The EDM Council is the world's leading non-profit trade association for data management and analytics. Since May 2020, the Council's CDMC Workgroup has been the largest open industry collaborative work group focused on developing best practises and controls for Cloud Data Management. Over 100 companies and 300 professionals comprise the CDMC Workgroup, which includes leading financial industry companies, major cloud service providers, key technology companies, and leading advisory firms. This first CDMC release is aimed at the highly regulated financial markets, but it can be used by any industry that requires the management of sensitive data in the Cloud.
“Snowflake’s customers, some of whom are among the world’s largest financial services organisations, are each trying to come up with their own guidelines for how to move their data to the cloud,” said Matt Glickman, VP and Global Head of Financial Services at Snowflake. “As part of the EDM Council, Snowflake helped create the CDMC framework to provide the industry with a standard way to manage their data lifecycle in the cloud. We’re very excited to be the first cloud platform to adopt this new standard to help further accelerate the industry’s move to the cloud.”
“The CDMC Workgroup collaboratively developed these 14 Key Controls as the first deliverable of the broader CDMC framework to be published at the end of September to help companies globally across various industries incorporate essential data management practices into cloud and hybrid-cloud implementations,” said John Bottega, President of the EDM Council. “We are very appreciative of all of the time and hard work from all of the CDMC contributors to deliver this vital industry framework."
Leading financial services organisations, like London Stock Exchange Group (LSEG), will be able to use the CDMC Key Controls as an objective set of guidelines and controls to thoughtfully move their data to the Cloud, with automation confirming all the correct controls are in place. The controls aim to help solve the industry-wide burden of managing data security and compliance when moving to the cloud. All the artifacts produced as part of the Snowflake Financial Services Data Cloud assessment have been published for general industry-wide consumption.
The CDMC 14 Key Controls for protecting sensitive data in the Cloud was published by the Workgroup as a first deliverable on July 7, 2021 and is available as a free license to all industries via the EDM Council website.