Snowflake has announced the successful completion of an assessment conducted by KPMG on the 14 Key Cloud Controls for protecting sensitive data.
The controls are a component of the EDM Councils Cloud Data Management Capabilities (CDMC) framework, ensuring a comprehensive set of industry-standard guidelines for financial services organisations and other industries as they move their data to the cloud.
Snowflake's Financial Services Data Cloud is the first cloud platform to be independently assessed against the recently published CDMC Key Controls.
"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," says Snowflake VP and global head of financial services, Matt Glickman.
"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. 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 EDM Council is a global non-profit trade association for advocating data management and analytics. The council CDMC workgroup is the largest open industry collaborative workgroup operating since May 2020, focused on developing best practices and controls for cloud data management. It includes over 100 companies and 300 professionals comprising leading financial industry companies, major cloud service providers, key technology companies and leading advisory firms.
This first CDMC release targets the highly regulated financial markets and is developed to support all industries requiring the management of sensitive data in the cloud.
"The CDMC Workgroup collaboratively developed the 14 Key Controls as the first deliverable of the broader CDMC framework to be published at the end of September," says the president of the EDM Council, John Bottega.
"It aims to help companies globally across various industries incorporate essential data management practices into cloud and hybrid-cloud implementations. We're very appreciative of the time and hard work from all the CDMC contributors to deliver this vital industry framework."
Leading financial services organisations, such as the London Stock Exchange Group, can use the CDMC Key Controls as an objective set of guidelines and controls when moving 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.