Financial regulatory agencies everywhere are looking to modernize their dusty old IT ecosystems. In many cases, they’re replacing disparate legacy systems with integrated solutions from vendors that promise to provide a holistic view of all their data.
Sounds great, right? Not so fast.
Risks of allowing vendors access to your data.
Like many government agencies, financial regulatory agencies have very robust data environments with a mix of public and private data, including documents and reports stored in systems like Salesforce and ServiceNow. And much of that data is confidential.
[ Want to learn more about how to solve your data silo problems and speed up innovation? Get the eBook: The Data Fabric Advantage. ]
When vendors modernize your applications or systems, they need access to your data. They may request you move your data into their environment—such as a data lake or data warehouse. Data warehouses restructure your data while data lakes store your raw data—but both options introduce operational overhead with added development, maintenance, and upkeep. What’s more, while data lakes and data warehouses may eliminate disparate data storage systems, they also introduce yet another system to maintain.
Storing government agency data in the vendor’s environment is risky for several reasons:
- Data migration is time-consuming and costly.
- You become dependent on one specific vendor, making it hard to part ways if you decide to do so.
- As new data is created, your application won’t have access to real-time data that hasn’t been migrated.
- Some of your data is confidential and shouldn’t be accessible to an external vendor or mixed with less sensitive data.
Access your enterprise data without migrating it.
A better solution is to use a data fabric that allows you to access all your data wherever it resides, whether in the government cloud or on-premises, and use it when you need it.
[ Learn more about data fabric and what it’s used for. ]
The data fabric in the Appian AI-Powered Process Platform serves as an “agility layer” that seamlessly bridges the gap between old and new systems, effectively de-siloing your data. It unifies data sources across your enterprise without the need to replicate or move data. That way, you keep your data private. By connecting all the systems in your environment, Appian empowers your organization to build flexible applications that extend the life of your systems.
The low-code Appian Platform keeps your workflows separate from your data, with the ability to link between them at any point. Intelligent, end-to-end process automation connects your people, systems, bots, AI, and business rules with a flexible, low-code design experience. It enables workflow elements to access consistent, accurate, and compliant data at any point in the process, letting you quickly create data-driven solutions.
But fragmented data isn’t the only challenge financial regulatory agencies face. Download the eBook, How Financial Regulatory Agencies Can Modernize and Stay Nimble, to learn how to overcome issues related to talent shortages, legacy infrastructure, transparency, and more.
