Solutions Review’s listing of the best data governance tools for financial services is an annual mashup of products that best represent current market conditions, according to the crowd. Vendors are assessed if they have a dedicated offering designed for professionals in this industry.
The editors at Solutions Review have developed this resource to assist buyers in search of the best data governance tools for financial services to fit the needs of their organization and use case. Choosing the right vendor and solution can be a complicated process — one that requires in-depth research and often comes down to more than just the solution and its technical capabilities. To make your search a little easier, we’ve profiled the best data governance tools for financial services providers all in one place. We’ve also included links to each company’s industry-specific product page so you can learn more.
Note: The best data governance tools for financial services are listed in alphabetical order.

Alation Data Catalog helps you find, understand, and govern all enterprise data through a single pane of glass. The product uses machine learning to index and make discoverable a wide variety of data sources including relational databases, cloud data lakes, and file systems. Alation democratizes data to deliver quick access alongside metadata to guide compliant, intelligent data usage with vital context. Conversations and wiki-like articles capture knowledge and guide newcomers to the appropriate subject-matter expert. The intelligent SQL editor empowers users to query in natural language, surfacing recommendations, compliance flags, and relevant policies as users query.

ASG Technologies offers a data intelligence platform that can discover data from more than 220 traditional and big data sources. The tool features automated data tagging by pattern matching, integration of reference data, and enriched metrics. Automated business linage allows users to better understand their data, and governance capabilities include those for tracing data in the data lake and traditional sources. ASG’s EDI product offers an impressive capabilities portfolio, with reference customers touting the vendor’s support for a variety of business use cases.

Ataccama ONE is a comprehensive data management and governance platform that also includes master data management and data quality capabilities. The solution touts a machine learning-centric user interface, as well as a data processing engine that is responsible for data transformations, evaluating business rules, and matching and merging rules. The platform supports any data, domain, and a variety of integrations.

Collibra’s Data Dictionary documents an organization’s technical metadata and how it is used. It describes the structure of a piece of data, its relationship to other data, and its origin, format, and use. The solution serves as a searchable repository for users who need to understand how and where data is stored and how it can be used. Users can also document roles and responsibilities and utilize workflows to define and map data. Collibra is unique because the product was built with business end-users in mind.

Egnyte offers content security, compliance, and collaboration solutions that govern an organization’s files regardless of where they reside. The product features a variety of user access capabilities, lifecycle management, data security, compliance, business process management, and API integration via a unified solution. Information governance functionality includes locating valuable and sensitive data, compliance automation, and more. Egnyte also touts granular policy controls for remote work and modernizing file systems.

Description: IBM has data management products for virtually every enterprise use case. Its products can be deployed in any environment, and partnerships with some of the other top names in the marketplace make it an even more intriguing option for organizations with large workloads and expansive data jobs. IBM also offers its Informix database that can integrate SQL, NoSQL/JSON, time series, and spatial data.

Immuta’s automated data governance platform lets users discover and access data through a dedicated data catalog. The product features an intuitive policy builder that provides author policies in plain English, without code so security leaders can write policies across any data. Immuta also enables compliant collaboration via projects, controlled workspaces where users can share data. When users switch projects, they assume the right permissions and controls. Immuta runs as a containerized solution on-prem, in the cloud or via a hybrid model.

Informatica Axon Data Governance is an integrated and automated data governance solution that enables quick access to curated data. The product ensures teams can find, access, and understand the data they need via a curated marketplace. Axon also enables data dictionary development for a consistent source of business context across multiple tools. Users can visualize data lineage, automatically measure data quality, and ensure data privacy with this solution as well.

Oracle Enterprise Metadata Management is a metadata management platform that can harvest and catalog metadata from any provider. The product allows for interactive searching and browsing of the metadata as well as providing data lineage, impact analysis, semantic definition, and semantic usage analysis for any metadata asset within the catalog. Oracle Enterprise Metadata Management also touts advanced algorithms that stitch together metadata assets from each of the providers.

Precisely’s data governance solution, Data360 Govern, is an end-to-end enterprise data governance, catalog, and metadata management solution that aims to give businesses confidence in the quality, value, and trustworthiness of their data. Data360 Govern works with Data360 DQ+, Spectrum Quality, and Trillium Quality to improve the quality of metadata and transactional data for enhanced business decisions.

SAP offers enterprise MDM functionality through its SAP Master Data Governance product. The solution can be deployed on-prem or in the cloud and enables users to consolidate and centrally govern master data. SAP includes support for all master data domains and implementation styles, pre-built data models, business rules, workflow, and user interfaces. Master Data Governance also lets you define, validate, and monitor your established business rules to confirm master data readiness and analyze the performance of data management.

Talend Data Catalog automatically crawls, profiles, organizes, links, and enriches metadata. Up to 80 percent of information associated with the data is documented automatically and kept up-to-date through smart relationships and machine learning. Data Catalog key features include faceted search, data sampling, semantic discovery. categorization, and auto-profiling. The tool also includes social curation and data relationship discovery and certification, as well as a suite of design and productivity tools.

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Database management systems allow us to organize our data to easily find the information we need when we need it, even if the data doesn’t have any sort of order on its own. These systems are essential tools in today’s technological world, powering large and small businesses alike with their ability to store data and retrieve it when needed.
Table of Contents
A database management system (DBMS) is software that provides methods to create, manage, and access a large volume of data.  These applications help automate processes such as adding new entries, modifying existing entries, and deleting entries when necessary. 
Database management systems also serve to help users find information more quickly and efficiently. Users no longer need to spend time looking through hundreds of documents one at a time—they can now see what they’re looking for with just a few clicks.
Read more on Datamation: Current Database Trends & Applications
The primary function of a database management system is to provide users with access to stored data. Therefore, a DBMS must allow users to add new information, modify existing information, and delete old data. 
In addition, a DBMS must ensure that only authorized users have access to any given piece of information. For a DBMS to perform these functions, it needs structure and organization that allows users to retrieve specific types of data based on certain criteria. 
For example, if users wanted all accounts associated with customers who live in New York City, they could simply enter “New York” into a search field and return all matching records from the table. Once a database has been organized according to the organization’s specific needs, developers can begin creating applications around it. 
The fundamental concepts and features of a DBMS include data models, query languages, file organization and indexing, normalization, candidate keys, and key fields.
A data model is an abstract representation of a database system. It is used to design and implement a database or define its schema—the structure and organization of how data is physically stored. 
Data models are designed using a methodology called conceptual modeling. However, most data models are based on at least one formal model, such as entity-relationship modeling. 
Just as programming languages are used to create software applications, DBMSs have their own specific languages which database administrators use to create databases. They’re generally called query languages, and they allow users to search and manipulate data stored in databases. The most commonly used query language is structured query language (SQL). 
SQL is the standard language for database management and there are five widely used SQL sub-languages, they include:
Other query languages include NoSQL and XQuery. Each query language has its own syntax and capabilities, but they all follow similar principles. Each allows you to retrieve data from a database table or view, modify it if necessary, add new records to an existing table or view, and remove unwanted records. 
Database file organization is required for better storage space utilization, reduction in access time, and faster retrieval. 
The two levels of database files are index files and data files. Index files contain indexing structures that define data locations for faster retrieval when searching for specific records within a table structure. Indexing structures in DBMS include B-tree and other types of balanced trees, hash tables, bitmaps, etc. Data files store both fixed-length records and variable-length records.
Normalization is a process that eliminates redundant data and ensures that relationships between different records in a database make sense. Normalizing data in a database involves breaking down related tables into multiple tables based on business rules. Breaking up related tables into separate entities allows us to store data in more efficient ways while also helping to ensure consistency across multiple tables. This separation also makes updates easier and more reliable.
Normalization is an important part of designing database schemas because it helps to prevent data redundancy and avoidable issues like database corruption. Additionally, it helps make databases easier to update and improves query performance.
In a Relational database, the candidate key is a condition for defining a relationship between two or more tables. The candidate keys must be included in each table that refers to them. A candidate key is generally composed of unique attributes and contains values that never change during data storage. They help define groups. 
A key field or primary key is a unique identifier for each row in a database table. A table can only have one, and a primary key must be unique across all tables and views. Primary keys are sometimes called natural keys or auto-incrementing fields. The value in a primary key is automatically incremented by 1 for every new record added to that table. 
The most common types of database management systems include relational, distributed, hierarchical, client-server, and network models.
The relational database management system (RDBMS) is a database model that organizes data in tables. Each table consists of rows and columns with cells containing data items, also called fields. 
An RDBMS provides facilities for defining, storing, retrieving, and modifying structured information. Structured data can be stored in multiple ways, such as lists, files, or documents; however, it is often stored within an RDBMS as a collection of interrelated tables. 
​​A distributed database is a collection of logically linked databases that appear to users as a single, integrated database. The information within these individual databases may be physically stored in different locations across a network, but it seems part of one unified whole.  
This allows for greater flexibility and scalability when dealing with large amounts of data. Distributed database management systems allow multiple computers or nodes to access shared data simultaneously, often over a common network. Each node can update its copy of data while other nodes have access to all copies at once.  
A hierarchical database is a type of database in which each record has a set of fields and values organized into levels and sub-levels. Hierarchical databases store information by separating it into related groups called sets. 
The highest level, also known as the root, contains all available information. As you move down to lower levels, more specific subsets appear. The number of records at each level reflects the amount of detail about each item. 
A client-server database is a particular model wherein the database resides on a server, and users access it from their workstations. This configuration allows for multiple users to access data simultaneously and means that there are fewer servers for companies to maintain. 
It’s important to note that a client-server database can be centralized or decentralized. Centralized systems have all information stored in one place, while decentralized systems allow different parts of an organization to keep their databases separate.
A network database model is based on a network data model that allows each record to have multiple parents and multiple child records. Network databases enable users to build a flexible model in which entities can be related in many different ways.
A DBMS can help organizations achieve greater efficiency in their operations by more effectively managing data across multiple applications, including different departments within an organization. Database management systems also help companies avoid information redundancy by consolidating various sources of data. The better a company can manage its data, the more easily it can adapt to changing market conditions and make well-informed business decisions. 
Data storage and management are critical aspects of any business operation. Therefore, businesses need effective tools for storing and managing the data they can use across all facets of their organization. With a robust DBMS, companies have more control over how they store, access, share, and secure data; as a result, they benefit from increased organizational productivity while reducing costs related to IT infrastructure maintenance.
Also read: Best Data Modeling Tools
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Open Access Government interviews Steve Russell, Chief Technology Officer at GovOS to find out more about the digital transformation of local government.
Russell discusses the specific types of digital services available and the benefits and drawbacks of these digital solutions.
With the demand for digital government services rising sharply in recent years, many agencies are turning to software solutions to bring their community’s most essential services online. Lately, we’ve seen a growing interest in transitioning the marriage licensing process to a digital service that allows citizens to apply for and receive a marriage certificate online. In states that allow it, many counties also intend to transition away from requiring couples to appear in-person to complete the process.
Other examples include a range of licensing services such as business licensing, short-term rental licensing, liquor licensing, etc. as well as local and state tax remittance operations.
As the transition to digital services continues to gain traction, governments are gradually but determinedly moving from on-premise storage solutions to cloud-based solutions. This is due in large part to efforts to address growing concerns related to disaster preparedness, cyberattacks and a general need to do more with fewer resources.
The first and arguably most impactful benefit is cloud service providers’ security and encryption features. Moving records to servers hosted by AWS, for example, means they are now protected by the same level of security that is provided to the federal government. On top of the features provided, governments benefit from the continued investment and re-investment in the backup of those systems, and the staff that they employ to safeguard your data. Essentially local governments level up every aspect of their system without having to invest more time, money and resources.
The second benefit is making records management accessible. Considering just how many records governments are responsible for creating, managing, and distributing, and how quickly citizens may expect their requests for documents to be fulfilled, it’s not hard to imagine how much governments struggle with making records management accessible.
Digital records can be viewed on any device at any time and can be shared with multiple recipients at the same time (as opposed to a paper copy that must be passed back and forth). And, digital records allow governments to apply metadata that makes documents instantly searchable by their record type, cutting the time spent searching for a specific document down to seconds. Digital records can also be accessed faster by using saved searches to locate the most searched-for records.
The third benefit is audit preparedness. With digital records, governments can monitor system events such as when documents are created or disposed of when passwords change, and when users log in and out. They can use this information to generate audit reports that detail which users changed in a system and when.
The final benefit I’ll mention pertains to document retention. Governments constantly wrestle with how long specific records should be kept on file and what should be done with them once they reach that point. Do they need to be moved to a new folder, recategorised, disposed of, or something else? A wide range of record retention schedules exists for different types of records, making it hard to keep track of what needs to be done with which documents and when.
A digital document management system can enforce consistent policies throughout the entire records system and can auto-file newly created records, set schedules for retaining, transferring, archiving, or destroying records, and group records based on their retention schedule. This saves time and eliminates much of the human error that can result in inconsistent retention enforcement.
We’re continually blown away by the work that Bexar County Clerk Lucy Adame-Clark and her team is doing in Texas. Last year they were awarded the 2021 International Association of Government Officials (iGO) Innovator of the Year Award for their “Records on the Run” program, which combines GovOS software as well as Kofile preservation, imaging and indexing services. It’s a truly unique program that reduces foot traffic in government offices while making data more accessible using a mobile unit to bring these services directly to citizens. This is an initiative that both improves people’s lives and ensures their safety and well-being.
The mobile records unit, which was the first in the state of Texas, enables almost everything that can be done inside the county courthouse with the clerk’s office to be done from the truck. This means people can conduct business with the local government, even if government buildings must shut down, and it could be instrumental in helping the county get through the next major natural disaster or pandemic.
The mobile records unit offers its mobile services throughout the City of San Antonio, suburban cities and communities within Bexar County. The mobile unit services that will be offered include recording a military discharge record (DD-214), registering an assumed business name/DBA, and researching real property records, among many other services.
The first biggest challenge is making the information stored in records accessible to the public. It’s great to have all of your vital records and/or land records back to the 1700s scanned and indexed and available in the cloud. But that information is worthless if the people who need it can’t find what they’re looking for.
The second biggest challenge is agreeing on internal access to records being stored. Digital records can be easily overwritten or altered by employees if the government agency doesn’t identify the original person responsible for the record it produced. Governments need to define their hierarchy of access or cybersecurity procedure, and this requires significant legwork to account for all stakeholders in the organisation.
The third and perhaps biggest challenge is the lack of consistent guidance provided to agencies regarding procedures to guide digital records creation. Too often the documentation used to guide digitisation focuses more on how an application should be installed and less on how records are collected, stored and shared. Going digital is a chance to build good recordkeeping practices into new systems and set an agency up for long-term success with records management. Sadly, many systems are designed with no recordkeeping requirements, which leads to the loss of valuable records that protect the rights of citizens, provide evidence of government accountability and document specific and significant government historical events.
Solving for accessibility can be as simple as choosing a software provider with a powerful search engine, ideally one that can search text strings as well as scanned images.
Solving for records access again can come down to choosing a platform with an internal audit module, version control and user tracking.
For better recordkeeping procedures, local governments need to involve the records manager and other key stakeholders early in the process and give them a seat at the decision-makers table. This will help to ensure the creation of long-term systems and rules that will dictate how records are captured and maintained, and who will have access to them both internally and externally.
Interview with Steve Russell, Chief Technology Officer, GovOS
Steve brings more than 30 years of experience in software development and technology innovation to GovOS. Prior to joining the company in 2015, Steve led development and product teams for OpenText, Lucent Technologies, Global360, Mosaix, and IBM where he started his career. He is passionate about technology and how to use it to address the challenges and opportunities faced by local government. A native of Massachusetts, Steve, his wife and two boys currently reside on the west coast.
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As more companies embrace digital transformation, many are turning to cloud-based document management to store important documents and files. Digitizing your document workflows with cloud computing can greatly improve your business’s efficiency, save you money on file storage and make it easier for your business to grow.
This article will explain what cloud document management is, if it’s a secure way to store files, and how you can implement a cloud-based service in your organization.
To understand cloud-based document management, you must first know what document management is – the use of a computer system and software to store, manage and track digital documents. Document management systems make it simple to organize files by automating storage, providing collaboration tools, and indexing documents by type so that anyone in your organization can access any document anytime.
Cloud document management builds on this existing system by storing all files in the cloud, making them even more secure and easier to access. Your data is stored, managed and processed using a network of remote servers hosted online rather than on your computer or local server. A main benefit of cloud-based document management is that businesses get all the advantages of digital storage without investing in IT hardware.
 
Editor’s note: Looking for a document management system for your business? Fill out the questionnaire below to have our vendor partners contact you about your needs.
There are many benefits to cloud storage, primarily that it eliminates the need for your business to invest in hardware and related costs to securely manage your files. Cloud document management is generally budget-friendly, with no large upfront costs, and requires little management on your part for it to run smoothly.
It also allows you and your employees to access it at any time, from any device, and runs backups automatically in the cloud, ensuring that your files are always available. With seamless scaling architecture, your cloud-based document management system will easily grow (or shrink) along with your business.
The main downside of cloud document management is that you are dependent on your provider to keep your system up and running. If the provider has an issue with its data center, you could be prevented from accessing your files, and there really isn’t much you could do about it.
Access to your files is also dependent on an internet connection. If you have limited, insecure or unreliable Wi-Fi, a cloud solution may not be right for you.
Overall, and particularly in recent years as cloud storage has taken off, storing data and files in the cloud is a safe and secure method. There are some concerns about it, though, including the following.
However, most cloud document storage providers have taken measures to address and eliminate these concerns from their products, making cloud document storage safe and secure as long as you take the proper precautions. A reputable cloud-based document storage provider will offer the following features to keep your documents safe:
These are the steps you can take to keep your data more secure in the cloud.
When you’re deciding on a provider for your cloud document storage, research multiple companies. Read user reviews to see if the company has a good reputation, and see what security measures it has in place to protect your information.
Encryption is one of the best ways to protect your data in the cloud. An easy way to utilize it is to have your browser or app require an encrypted connection before allowing you to upload or download your data. Look for “https” or a padlock symbol to the left of the URL in your web browser.
You should also see if the provider encrypts data stored in the cloud. Unencrypted stored data is accessible to anyone, so if you keep sensitive files such as legal documents or medical information as part of your business, you’ll want a provider that encrypts stored files.
Another common security measure for cloud-based document management is access control, which allows a moderator to determine who in the organization has access to which documents. This ensures that each document is only shared with the people who are meant to see it.
The software can even track document versions, where the document is saved and who the file has been shared with. An audit trail tracks what changes are made to a digital document to further protect the integrity of the information.
It is your responsibility to understand exactly how access control works under each individual provider so that you can effectively plan how you will use it.
If your provider offers password protection, take full advantage and use strong passwords that you don’t use anywhere else, such as your email or Facebook account. Keep your passwords secret, and change them every so often if you can.
Though some cloud document management services offer automatic backups of your data, it’s a good idea to do your own backups as an extra security measure. You can back up your data to another storage provider or your own external hard drive.
There are many options for cloud-based document storage, all with different feature selections and price points. It can be overwhelming at first to determine which service is best for you. Start by taking inventory of your files and data, and make a list of the features you’d like your cloud document storage service to have, in order of priority.
You can then begin your research and narrow your options down from there. To help you with this process, here are our best picks for document management services that offer cloud storage:

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If attorneys aren’t sending emails, they’re probably drafting documents. 
But there’s a lot that technology can do to help — from document assembly to document management. 
In this episode of the Non-Eventcast, we brought on a couple of guests to discuss how attorneys can modernize their approaches to document management: Adrian Bailey of DocStyle and Arman Samani of MyCase. 
It seems like you can’t have a legal technology podcast these days without addressing all of the acquisitions happening across the legal landscape — so, we started there (7:03). Next, we discussed formatting and style options, and why it never pays to use comic sans (9:56). 
Later, we addressed the movement from desktop, or legacy, document platforms to cloud-based services, which has been slower in document management, than in other product categories (17:23). Last but not least, we discussed what a truly integrated experience looks like for document management in a modern law firm (24:49).
Document management in the cloud is real, and it’s spectacular. Tune in to this episode of the Non-Eventcast to gain a better understanding of the tools and options now accessible to law firms in the document management space.
And, if you’re looking to toss all those old redwelds out the window, download our Buyer’s Guide below to see how easy this can be! 

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