You have recently been hired as a Chief Information Governance Officer (CIGO) at a large company (You may choose your industry)

ANNOTATED BIBLIOGRAPHY

Belangee, A. N. (2021). Bank of America. Retrieved from: https://graduatessay.com/wp-content/uploads/2021/10/annotated-bank-of-americadocx.pdf

This article has very well illustrated the importance of any organization securing its information systems. Therefore, this article will help me address the issue of information governance, especially in financial institutions. According to this article, The Bank of America is one of the institutions dedicated to ensuring that data is secure and protected. Bank of America (BoA) stated ambitions to supply 80 percent of its technology services through virtual platforms and public cloud infrastructure in the near future (Belangee, 2021). Bank of America (BoA) is one of the world's leading banks, providing an all-inclusive fiscal services and products to small and medium-sized businesses, individuals, and large corporations, which highlights the importance of ensuring that all its data is very secure. This article argues that big cloud service providers are important infrastructures in financial markets and critical financial market utilities. Consequently, it suggests that the Financial Stability Oversight Council identifies key cloud service providers.

According to the article's authors, using cloud computing, financial institutions may more quickly and nimbly meet client needs for tailored goods and services. According to a recent report, there are several advantages to using the cloud, including this flexibility, the opportunity for quick innovation, and the ability to decrease capital expenditure (Belangee, 2021).

Qiu, M., Gai, K., Zhao, H., & Liu, M. (2018). Privacy‐preserving smart data storage for financial industry in cloud computing. Concurrency and Computation: Practice and Experience, 30(5), e4278.: retrieved from: Privacy‐preserving smart data storage for financial industry in cloud computing – Qiu – 2018 – Concurrency and Computation: Practice and Experience – Wiley Online Library

This article gives both the advantages and the disadvantages of investing in cloud data storage, especially in big institutions such as the banking industry. According to this article, Cloud computing recent surge has facilitated a fundamental shift in the way existing businesses earn value. Businesses may improve or start new ones more efficiently by embracing cloud services. Additionally, this pattern is linked to the fast expansion of wireless networks like 5G. However, the rapid growth of cloud computing raises new worries about data security. Private information may be leaked due to harmful actions or assaults by insiders. Because cloud resources are scalable, banks may use as much or as little of a provider's resources as they need. A bank's capacity may be almost unlimited with the correct cloud infrastructure. Moving to a cloud system makes it much simpler to implement new apps and platform conversions from a business strategy aspect.

Fasnacht, D. (2018). Open innovation ecosystems. In Open Innovation Ecosystems (pp. 131-172). Springer, Cham. Retrieved from: Open-Innovation-Ecosystems-Creating-New-Value-Constellations-in-the-Financial-Services.pdf (researchgate.net)

This article has very well illustrated how innovation can help in the growth of organizations. AI and machine learning are used to create dynamic and psychographic customer segmentation based on behavioral patterns and automated investment services built from common datasets. For major financial institutions, using this technology will be critical to effectively managing their customer base and investment portfolios. Increasing competition in today's competitive financial markets is made possible by using information and technology.

Awwad, B., & El Khoury, R. (2021). Information technology governance and bank performance: evidence from Palestine. Journal of Decision Systems, 1-24. Retrieved from: Information technology governance and bank performance: evidence from Palestine (researchgate.net)

This article gives an overview of information technology today. According to this article, Companies are increasing their IT capital investments as they become more aware of the relevance of IT as a corporate asset. IT is becoming more important for most businesses in today's increasingly complicated business landscape (Awwad, & El Khoury, 2021). Many studies find that better IT capability may lead to better performance.

This article clearly illustrates the benefits and drawbacks of the IT system in the banking industry. Banks' operations and procedures have grown more dependent on IT (Awwad, & El Khoury, 2021). The impact of IT on banks may be examined from various perspectives. In today's competitive financial markets, it helps to facilitate the automated environment, which improves competitiveness in the market.

The banking industry's use of IT has raised concerns about "efficient IT decision-making and management control to IT risk management" (Awwad, & El Khoury, 2021). During the 2008 financial crisis, banks' IT systems were insufficient to support the management of financial risks. As a result, top management and the board of directors cannot get timely and accurate information on their organization's dangers. Instead of faulty IT systems, bank failures were caused by a weak corporate governance structure. Regulators refocused their emphasis on IT governance in reaction to this.

Anjum, S., & Munawar, A. (2019, November). Big Data Intelligence in Public and Financial Institutions: An Estimation of Ethical and Regulatory Issues. In The Proceedings of the 1st International Conference on Business, Management and Information Systems 2019 (ICBMIS 2019) (Vol. 1, pp. 547-558). retrieved from: 41.pdf (icbmis-utb.org)

This article is critical in illustrating the significance of big data intelligence in financial institutions. According to the authors, organizations may utilize big data intelligence to improve their services and make better choices by analyzing numerous datasets. Big data has always been a key engine of innovation that helps companies get a competitive advantage in producing novel data combinations when shared across organizations. Personal information about various aspects of an individual's life may be compromised by sharing big data across organizations, resulting in a violation of individual rights regarding personal data. In the financial services business, Big Data Intelligence may have a significant impact. Financial institutions have a critical need when it comes to reducing risks, such as credit and liquidity issues.

Introduction

Information is a key asset in any organization. The security to such information in terms of governance and access should be give utmost attention as it determines how, who and when to access such information, who can modify it and to what degree of access each part has. 

The banking industry holds a lot of information with customers. A universal requirement for anyone to open a bank account is legal identification document which is used as the master source to identify the individual. Customer information held by a bank at any time will include contact details, physical location & address, account balances, transacting and transacting parties. Such information is vital and should be treated with confidentiality and integrity. 

The Bank of America (BOA) has been in existence since 1956 when its predecessor, the Massachusetts Bank merged with NationsBank. As at 2021, the bank was the second largest in the United States and the eighth largest globally. Currently, the bank holds wide customer base which then translates to large volumes of customer data. As the bank has been collecting customer information since it was established, most of this information has been stored in hard copy formats in cabinets across its branches. Data relating to customer account and transaction is stored in relational databases which though is more secure, issues such as duplication and real-time retrieval and querying have been persistent. This to some extend is caused by the very large sets of data held by the bank from where querying is done.  

Challenges with Information Governance

Information governance within the bank hasn’t been the best due to lack of good administration and policies addressing handling of the data. Some identified challenges relating to information governance which will need to be addressed include the following.

Information management entails retrieval, acquisition, security and maintenance of information, both hard copy and in electronic formats within an organization (Tallon et al., 2014). The bank has volumes of information on both formats. While initial customer information such as account opening forms are in hard copy, information about transactions and account status is stored in tables within the bank master database. Information management automation will be needed to address the challenge of information management. 

Regulatory compliance revolves around the various measures and guidelines issues by governments (both state and federal) to about information held by the bank. While some compliance measures and guidelines are universal- apply across different territories and countries, others only apply to selected locations (Tallon et al., 2014). This includes how long the bank should keep customer information, what kind of information to collect from customers and mode of sharing such information. Currently the bank lacks a comprehensive way of ensuring compliance to the regulatory guidelines relating to information held. An information governance software to automatically store electronic records required by the regulations will be needed. 

Defensible disposition of information will include doing away with information retained by the bank but has no obvious business value and could be done away with without legal, regulatory, or business consequences. According to a survey by The Compliance, Governance and Oversight Counsel (CGOC) in 2012, this represented 69% of organization’s data (Jan, 2014). This therefore means there is need for the bank to do a data clean up, understanding what irrelevant information is still being help in cabinets and electronic storage. 

References

Jan, Lambrechts (2014). Information Lifecycle Governance (ILG) Maximize data value, reduce data growth, cost and risk. Australian Journal of Telecommunications and the Digital Economy.

Tallon, P., Ramirez, R. & Shor, J. (2014). The Information Artifact in IT Governance: Toward a Theory of Information Governance. Journal of Management Information Systems. 30

https://www.bankofamerica.com/