GridBank for Financial Services

GridBank for Financial Services delivers high performance, highly available access to information assets, combined with a comprehensive information governance toolkit, simplifying regulatory compliance, mitigating risk and reducing cost

Overview

GridBank for Financial Services Overview

Creating Returns from Data

Financial services organizations (FSOs) today face mounting regulatory pressure, reduced budgets and growing data volumes. With a comprehensive information governance, compliance and regulatory risk framework, high availability on demand data access, data volume growth management technologies and industry-leading security, the GridBank Data Management Platform creates a return on data assets for the finance industry.

Challenging Business Environment

Following the 2007/8 credit crisis, FSOs have confronted increasingly difficult environmental challenges. Regulatory compliance mandates concerning storage, management and retention of financial information and data, as well as oversight bodies and public scrutiny are becoming ever more intrusive, whilst capital requirements are driving cost reductions across the industry. Additionally, organizations need exceptional levels of high availability access to data and information for productivity and innovation or they risk significant losses or opportunity costs. Combined with this, the volume, velocity and variety of information flowing into these organizations is growing exponentially, leading to increased cost in storage and management of data. Finally, information security remains a high priority across the sector and protecting data from unauthorized access is a mandatory focus.

Data Management Platform

The Tarmin GridBank platform provides a high performance, high availability platform for on demand access to business critical information, supported by a comprehensive information governance, compliance and security solution designed to control the growth of unstructured data within an organization and create value from data.

Business Challenges

Business Challenges for Financial Services

Managing Information Assets

The financial sector faces numerous data management and information governance challenges for market participants. The industry is addressing increasing legal and regulatory data retention and disposal requirements, whilst requiring extraordinary availability to data within a reduced cost structure under growing data volumes.

Risk Management and Regulatory Compliance

Regulatory requirements for information governance in the financial industry are extreme, with minimum and maximum retention and disposal periods for different data types. The days of 'light touch' regulation of the financial sector are over, and as the environment becomes more intrusive, financial oversight bodies are mandating specific retention and disposal periods and policies for different forms of data in the industry, with significant penalties for non-compliance. As data volumes grow and unstructured information proliferates throughout the network, stored on local hard disks outside the control of corporate IT, it becomes increasingly difficult to ensure that data can be easily located, retained or disposed of or sufficiently protected and secured in a compliant fashion.

Litigation and E-Discovery

Additionally, firms faced with litigation proceedings have a legal obligation to identify, discover, collect, preserve and present all relevant Electronically Stored Data (ESI) in a process known as e-Discovery. The sprawl of files and email data archived to .PST files can significantly increase the cost of e-Discovery procedures, and, without forensic traceability, can risk providing tampered evidence to legal departments.

Without adequate information governance tools and policies, FSOs face several core risks related to data management:

  • Severe penalties for non-compliance with SOX, SEC, DPA and CPR regulations
  • Loss, tampering, unauthorized modification or unintended disposal of ESI
  • Inability to identify and discover relevant files or emails within e-Discovery timeframes

High Availability Data Access

The financial services industry is built on the transfer and flow of information. The greater the velocity of information through an organization, the greater is its capacity to compete and innovate. However, this competitive advantage drives an ever increasing need for faster, more reliable access to information. Without consistent timely, reliable and easily discoverable access to data assets, FSOs risk being out-competed by their rivals as they face unacceptable delays in retrieval of information. Additionally, server outages and loss or corruption of unprotected files risks significant financial costs. In today’s dynamic world, administrators and end-users need continuous, guaranteed, access to the right data in the right place at the right time so that they can access and productively use information assets. Central concerns for end-users are:

  • Instant on demand access to files, emails, attachments and other data
  • Continuous information access via scalable, high performance, high availability services
  • Fully integrated tools for simple and transparent data access

Reduced Cost Structure and Data Growth

Businesses today face ever increasing data volumes whilst the need for reduced costs is leading to a scaling back of budgets and operational expense. Data volumes are forecast to double every 2 years and primary storage for application servers is highly expensive. Additionally, overloaded servers increase costs through performance and stability issues. As storage requirements increase, these challenges escalate:

  • Exploding data volumes contrasting with decreasing budgets
  • Reduced employee productivity due to poor server performance and stability
  • Delays in information discovery impact performance and risk missing opportunities

Tarmin GridBank provides the financial services industry with a high performance platform for information governance, always-on access and control over cost and data volume growth.

Tarmin Solutions

Tarmin Solutions for Financial Services

Unified Information Management Platform

The Tarmin GridBank solution delivers a single unified platform for information governance, high availability high performance on demand data access and discovery and data cost control. It provides the latest in enterprise-ready technologies, enabling a centralized data management tool.

Policy Driven Information Governance

The Tarmin approach to compliance and risk management brings information assets under the control of corporate management. Through application of granular ingestion and classification technologies, specific data types, content and sources can be flagged for retention and disposal following the periods detailed under regulatory mandates. Additionally, the Tarmin GridBank platform stores data within the archive in a Write Once, Read Many (WORM) tamper-proof format, ensuring data integrity in retention. The checksum based fault-tolerant, self-healing architecture also protects data from corruption or unauthorized modification. Finally, through comprehensive encryption, auditing and integrated role based authentication systems, FSOs can be assured of simple, reliable regulatory compliance.

Comprehensive E-Discovery and Legal Hold

GridBank also supports comprehensive e-Discovery technologies and fully granular legal hold technologies. The e-Discovery functionality allows administrators and legal teams to quickly and efficiently identify, discover, collect, preserve and present all relevant electronic documentation related to litigation proceedings, significantly reducing time and costs involved in properly equipping legal teams with the information they require. The granular legal hold facility ensures that data can be preserved beyond its expected disposal periods and retained in a legally defensible manner.

High Availability On Demand Data Access

The GridBank platform delivers a global virtualized storage pool which enables replication of data across physical environments and remote locations. This ensures that despite physical failure of hardware or loss of a primary data center due to disaster, information is continuously available to employees. The integrated high performance, high availability solution provides reliable, continuous access to the right data for the right person at the right time. Also, as data is offloaded to secondary data tiers, performance and stability of primary application servers is enhanced.

Reduced Storage Cost Structure

As FSOs scale back their expenditure, it is imperative to identify ways to bring the growth of data volumes under control. Tarmin’s GridBank provides a solution through Object Dedupe and compression, significantly reducing the volume of data that needs to be stored. Additionally, through offloading infrequently accessed data to secondary and tertiary tiers, storage hardware costs are also reduced. Data management overheads are also reduced due to the automated policy based management. Finally, GridBank allows outsourcing storage to integrated cloud providers with significant economies of scale to further reduce the cost of storage.

Differentiators

Tarmin Differentiators for Financial Services

Next Generation Data Management Technologies

Tarmin GridBank is designed from the ground up on the latest in proven enterprise-class technologies. Built on advances from the last 20 years of grid computing, the Tarmin solution provides a comprehensive platform for FSOs to store, control and understand their data assets, addressing innovation and compliance concerns whilst reducing total cost of ownership.

Comprehensive Information Governance for Financial Services

The Tarmin approach directly meets the needs of the financial services industry through fully integrated information governance and compliance tools. GridBank for Financial Services offers policy driven retention and disposal for regulatory data compliance requirements, as well as offering military-levels of security. GridBank significantly mitigates regulatory compliance risks associated with data.

Digitizing the Workflow

Since the Check 21 Act in the US, the financial services industry has been increasingly moving towards a fully digitized model for transactions. This leads to generation of significant numbers of digital images of checks. GridBank is designed to assist with enhancing the workflow by providing smart clients for digitizing the image data and an API to manage the check data, enabling financial services organizations to innovate in their business processes.

 

Highlights

  • The rapid growth of our company, through value enhancing acquisitions and successful exploration, is generating more and more data, much of it in isolated pools. [GridBank] will allow us to organize, store and protect our G&G data and create a platform for improving business efficiency while reducing TCO.

    — David Edwards, Group Head of Information Systems, Premier Oil, Plc.
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