Ways to Leverage Existing Applications to Improve Business Processes
Ways to Leverage Existing Applications to Improve Business ProcessesWith processes serving as the backbone of SOA-based composite applications, orchestrating those services has become a fundamental requirement of Business Process Management.Attend this informative eSeminar and hear from Connie Moore, Vice President, Research Director for Forrester, on how SOA (Service Oriented Architecture) is being used in the real-world and gain insight on the most appropriate ways to leverage this powerful technology. In this eSeminar, you will learn:
- How processes serve as the central-nervous system for SOA
- How to identify BPM technologies that maximize SOA capabilities
- What latest technologies are available for rapid SOA deployment and real-time agility in a dynamic environment.
- What you can do to reduce custom programming effort while achieving faster deployment
This eSeminar is ideal for IT teams that are looking for ways to leverage existing applications to improve business processes, speed development time, and discover and adjust dynamic processes where IT provides a supporting role to manage infrastructure . Ultimately, it's about improving the bottom line.
Register now, and bring your SOA and BPM questions as we'll have an interactive Q&A session following the presentation. Don't miss this chance to find out how BPM can alleviate your SOA burden.
Featured Speakers:
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Chan Preston, VP of Professional Services - Ultimus
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Connie Moore, Vice President, Research Director - Forrester Research Inc
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Michael Krieger, VP, Market Experts Group - Ziff Davis Media
View this presentationIT, technology, SOA, BPM, SDLC, development strategy, rapid prototypingLabels: BPM, development strategy, IT, rapid prototyping, SDLC, SOA, technology
Outrunning the Regulators
Outrunning the Regulatorsby Joni Bessler, Debra Banning, and Roman Regelman
San Francisco, February 5, 2007 --
In banking, as in other heavily regulated industries such as utilities and health care, keeping abreast of federal regulatory requirements is of paramount importance. To avoid an endless cycle of reacting to new regulations, banks must anticipate the regulatory fallout from problems such as identify theft, and implement solutions that address existing and longer-term security issues. Leaders should consider decentralized security structures to enable a faster response to new rules. Making customers aware of new security measures is also vital and can help mitigate risk.
Read the full Resilience Report:Staying ahead of security rules can create competitive advantages.The password to your bank account is about to be invalidated,” reads the e-mail. “To prevent this, please click on the following link and enter all your security information.”
The hapless individual who follows instructions, of course, risks giving away access to one or more bank accounts to cyberthieves. And as such devious practices become more sophisticated, regulators tend to get nervous. In fact, that anxiety has led the Federal Financial Institutions Examination Council (FFIEC) to add another layer of rules to those governing the banking industry, already among the most regulated business sectors in the United States. Under the new requirements drafted by the FFIEC, which was created in 1979 to establish uniform principles in federal bodies’ oversight of the industry, financial institutions must put more stringent controls on their electronic security by the end of 2006. Specifically, they must examine the ways in which they communicate electronically with customers, whether those interactions are on Web sites or interactive phone systems; they must determine what security threats exist on those systems, establish a process for assessing future risk, and formally educate their customers about security risks.
Banks don’t have much more time to meet the FFIEC’s demands and, unfortunately, many will make the minimum effort necessary to comply with the requirements, sigh in relief, and consider the task finished — thus leaving themselves unprepared for the FFIEC’s next set of guidelines.
This attitude does not just open the door to future noncompliance. It sets in place a debilitating cycle of increasing vulnerability. Given the constantly evolving state of security in financial services, banks that take a desultory approach to security are positioning themselves as the weakest members of the herd, and thus the most vulnerable to sophisticated “phishing” and “pharming” schemes, in which attackers gain access to customers’ accounts and personal data through e-mail fraud or Web traffic redirection. The FBI estimates that every incident of a Trojan virus attack costs banks at least $38,000 in revenue loss and employee hours — and that figure doesn’t take into account the harm to a company’s reputation and loss of customer confidence, which can be more damaging than the actual attack.
Companies in heavily regulated industries, a group that includes pharmaceuticals, health care, and utilities, often act as though the regulations that besiege them are irritating trivialities. However, new requirements can offer companies an opportunity to escape the cycle. For instance, instead of maintaining an ad hoc approach to foiling invasions and complying with regulations, banks should craft an overall public-facing security strategy. Although it can be difficult to persuade senior management to invest in long-range plans, there’s no better time to do it than when they are in the shadow of an imminent regulatory deadline — especially one that is disrupting the entire organization as the company marshals its resources to deal with it.
For example, in aiming to go beyond regulatory compliance and achieve security excellence, banks can institute a mechanism for self-analysis and self-improvement that allows them to anticipate their future security needs. In doing so, they will meet their current burden of compliance, lessen the impact of any future regulatory guidance, reduce their risk exposure, and address customers’ concerns about the security of online banking.
Instituting such a robust risk-mitigation program involves three elements. The first is to determine the most appropriate technical solution, which can be the biggest hurdle for many companies: They may not know how many Web sites they operate, security across the systems may be inconsistent, and key applications and services may reside on poorly secured systems. Therefore, banks, for example, should assess their current level of risk exposure and determine risk-mitigation strategies that will balance compliance, business objectives, and customer satisfaction. In implementing technical solutions, banks must avoid overly complex approaches, which may have higher-than-expected direct and indirect costs.
The second element is an effective organizational structure to manage the initiative. A common roadblock to implementing new security standards is a decentralized company, which can lead to inconsistent approaches to IT security across the enterprise, along with incomplete monitoring and accountability. However, piecemeal fixes will not work. Grafting a centralized security program onto a decentralized organization often results in the corporate equivalent of organ rejection.
How might banks address this issue? They can create a hybrid centralized–decentralized model, in which critical compliance activities and governance oversight are centrally managed, while less critical functions remain with the business units. Alternatively, banks can construct enforcement mechanisms that shift the burden of compliance to the heads of the business units, rather than keep it centralized at corporate headquarters. Regardless of the specific solution, banks can manage risk exposure and regulatory compliance in a uniform fashion only if they have the requisite organizational structures in place.
The final element of a robust risk-mitigation program, customer awareness, can be a key component of a company’s defense against fraud and identity theft. A well-educated bank customer can more easily spot phony come-ons, like phishing e-mails, and avoid being deceived. In fact, many banks are finding that educated consumers are their front line of defense in reporting phishing and other fraud attempts. One basic but effective measure is to advise customers to always type the bank’s Web address into their Internet browser rather than click on a link in an e-mail, because the e-mail may be fraudulent.
Furthermore, making customers aware of enhanced online security is a key differentiator in the marketplace. In a 2005 survey by Deutsche Bank Research, “security offering” was far and away the most important feature to prospective online banking customers, with 87 percent calling it their top priority. A well-publicized security program could prove a significant lure to new customers in the highly competitive banking environment.
Any highly regulated industry will face similar vicious cycles of its own and should be thinking about approaches for leaping ahead of regulatory requirements. The common thread is that simply responding to regulatory guidance will never be enough. Anticipatory thinking is the only way to avoid being caught in the middle of an endless series of provocation and regulation.
IT, security, customer service, training, security risk management, spam, technology, risk analysis, risk assessmentLabels: customer service, IT, risk analysis, risk assessment, security, security risk management, spam, technology, training
IT Careers: The 40-Hour Work-Week Era Is Ending
Gartner: The 40-Hour Work-Week Era Is EndingBy Deborah Perelman,
eWEEKIn what the I.T. consultancy calls the emergence of the "Digital Free-Agency," individuals will be expected to blend professional and personal computing requirements in an integrated environment. The effect of this practice, as well as new job descriptions, will change the workplace as I.T. knows it.
By 2015, there will be more workers who interact with technology, but they'll be working a whole lot less hours each week, finds a Gartner research report released on May 30.
Gartner argues that three of the four traditional pillars of work—the living wage, long-term relationships with loyal employers, and government- or company-provided pensions—have already gone the way of the dinosaurs, leaving only the 40-hour workweek.
But this, too, is not long for the employment economy, the report said. Societal views on primary wage-earner and caregiver roles, as well as on retirement, are in the midst of changing, taking with them the de facto 40-hour work week. Individuals are already reconsidering its pervasive influence, the report argues, and the dialogue is becoming increasingly political.
Those most affected are at the helm. Retiring Baby Boomers, working-age mothers and Generation X workers are seeking a more fulfilling work/life balance, and the traditional workplace structure is holding them back. The report said that no longer will the workplace be dominated by single bread-winners who expect to retire at the end of their working life, and that businesses need to reckon with this trend.
"When people in these demographics have marketable skills, employers will find it difficult to ignore their requests for more flexibility," said Brian Prentice, research director of emerging trends and technologies at Gartner, in a statement.
"The additional pressures of an aging population and skills shortages will lead to the adoption of digital free agency and flexible work structures as social, political and business necessities."
The effect of these changes will be felt throughout the employment life cycle. Organizations will be forced to redefine existing roles as well as craft new ones based on what can be realistically achieved in half the traditional workweek.
The report suggests that rather than adopt a draconian measure of cutting in half the working hours of all employees, employers that create 20-hour job descriptions will be in the best place to attract and retain the most qualified workers.
"The 20-hour-per-week job description is a relatively simple way of addressing a growing problem without radically restructuring well-established management models," said Prentic.
Digital free agents as change agentsYet, the decline of the standard 40-hour workweek will not occur in a bubble, but at the same time as a consumerization trend increases the roles that IT plays in people's personal lives.
"It will be very hard to draw a distinction between the personal and work computing environment. The shift in power away from the organization, and in particular, the IT department, will be even more significant with these people," said Prentice.
In what Gartner calls the emergence of the "Digital Free-Agency," individuals will be expecting to blend professional and personal computing requirements in an integrated environment. The report said that the effect of this user-driven practice coupled with new 20-hour job descriptions will change the workplace as IT knows it.
"As IT becomes woven into the fabric of people's lives and traditional work-home boundaries are rendered obsolete, digital free agency will emerge," said Prentice.
Report: The supply of IT pros is down, but the demand is up. Click here to read more. Though this trend is only now in the early stages, Gartner argues that sharp CIOs will see digital free agency as a business-relevant trigger and link it to farsighted business benefits.
"Gartner is asking the CIO to consider a long-term planning scenario that prepares for the 20-hour job description and the rise of digital free agency. That consideration needs to happen now," said Prentice.
The report states that smart CIOs will not wait to address two imminent trends: the need to control the computing environment on one hand, while providing increased user autonomy on the other. Doing so will put IT in the business drivers' seat.
"Ultimately, by preparing for digital free agency, the IT department will be able to position itself as a proactive enabler of true business change," said Prentice.
full articleIT, technology, staffing, HR, careers, IT management
Labels: careers, hr, IT, IT management, staffing, technology
Apply New Metrics to Measure IT's Business Value
Businesses Apply New Metrics in Measuring IT's Value
Old metrics like ROI are still necessary, but they don't tell the whole story. So some CIOs are exploring new ways to demonstrate IT's value to the business.
AT IT BUSINESS EDGE:
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Companies Wasting Ten Percent of Employee Time Looking for Information•
The Team at the Top•
IT Workers in DemandReturn on Investment and other staples of IT metrics aren't likely to disappear. Yet those traditional metrics don't always get you where you want to go with IT/business alignment. Some CIOs are shaking things up by adding new measurements, some of which you may find a bit unusual. For instance, one CIO measures how many times IT personnel go on sales calls. Another strives to improve IT's value by setting a "benefit per developer" goal of $450,000 by 2009. The metrics vary so widely, you may wonder how these ideas can be applied to your company — and that's just the point. To successfully measure how you're helping the business, you should start by looking at the company's unique business strategies and then establish metrics that support those strategies.
Measuring Up: How to Prove IT ValueMeasuring and monitoring the benefits delivered by IT is becoming more important in enterprises, and many CIOs find that established financial measures such as ROI and total cost of ownership don't cut it. Traditional IT metrics such as system availability and transaction response times are a necessary part of good IT governance, but they do not express benefits in terms business execs can understand. Business and IT must work together to establish meaningful metrics, agree several analysts interviewed for this article. Tips for doing so are offered, complete with real-world examples. Short on time? Scroll to the end, where the article is nicely summarized with a concise list of best practices.
How to Create Stronger Value PropositionsMetrics offer a great way for companies to attract the attention of potential customers, and they work equally well when it comes to keeping current customers happy. This article suggests using metrics such as: How much did sales go up? What kind of savings were realized? How much did you lower the cost of goods sold? Don't round the numbers; the more specific the number, the more credible it appears, the article says. If you lack such specific metrics, consider using industry statistics to your advantage (there are always plenty of those to go around), extending customers' existing business metrics, or asking your customers to help you create benchmarks. It's important to not get too technical with metrics; highlight the business impacts instead.
More reading on this subject:Push Your IT Value or Suffer Suspicion :: WhatPC?
July 2006 Survey: What's the Value of IT? At Many Companies, It's Just Guesswork :: CIO Insight
IT, technology management, technolgy strategy, business strategy, metrics, technology risk, ROI, VaR, value addedLabels: business strategy, IT, metrics, ROI, technolgy strategy, technology management, technology risk, value added, VaR
Step-by-Step Approach to Quality Assurance
A Step-by-Step Approach to Quality AssuranceWhite Paper by Compuware Corporation
Download your free white paper now!IT, technology, whitepaper, QA, quality assuranceLabels: IT, QA, quality assurance, technology, whitepaper
Jobs: Senior SQL Server Developer
Jobs: Senior SQL Server DeveloperCareers On The Move is working on a position for a Senior SQL Server Developer. The job description is listed below for your review.
Interested and Qualified candidates should submit their resume to
Postings@CareersOnTheMove.com with the position they are applying for in the subject line.
Also, please feel free to refer any friends who may be qualified.
Thank you for all your wonderful responses and referrals, keep them coming! And as always, if you wish to be removed from our e-mail list send me a request and I will expedite that as quickly as possible. We are still very busy with lots of new positions every week, so please keep reviewing
www.CareersOnTheMove.com.
Best Regards,
Kendal Ridgeway
Recruiter:
Postings@CareersOnTheMove.comPosition: Senior SQL Server Developer
Location: New York NY
Salary: Market Rate Consultancy
Responsibilities:
Our client, a top tier bank, is seeking a Senior SQL Developer. Java and Fixed Income Derivatives are a plus.
This position is Temp to Permanent
Requirements:
- Excellent SQL Server Developer skills.
- Bachelors Degree.
- Brokerage experience required.
- Travel required.
- Good communication required.
- Problem solving skills required.
jobs, sql, IT, technology, developer, SDLC, derivatives, brokerage, financial services
Labels: brokerage, derivatives, developer, financial services, IT, jobs, SDLC, SQL, technology
Weighing the risks, benefits of different risk models
Weighing the risks, benefits of different risk modelsPerhaps the first step a bank or other asset-management company must take when evaluating the role of risk management is deciding where the risk-management function should reside -- someplace under the chief investment officer, or functioning independently to support the COO. In this analysis, the author argues that there is no single solution that will work for every financial institution.
More on financial risk management modelsfinancial, risk, risk management, models, programs, IT, valuationsLabels: financial, IT, models, programs, risk, risk management, valuations
Mainframe computers still mainstream on Wall St.
Mainframe computers still mainstream on Wall St.Wall Street's reputation for risk taking doesn't extend to technology, where old-fashioned and reliable mainframe computers are still the norm. But times are changing, and the New York Stock Exchange is leading the way in replacing the mainframe. Wall Street & Technology
Read the article.technology, COBOL, mainframe, computers,financial services, ITLabels: COBOL, computers, financial services, IT, mainframe, technology
Plan to close "tax gap" may force brokers to report what investors pay
Plan to close "tax gap" may force brokers to report what investors payBrokers, mutual funds and others in the financial services industry may soon be required to tell the IRS the original price that investors pay for securities. A bipartisan group of legislators is backing a plan to close the "tax gap" by making it harder for taxpayers to understate their capital gains.
full storytax, IT, regulation, tax gap, regulatory reportingLabels: IT, regulation, regulatory reporting, tax, tax gap
Community Banking & Credit Union Technology Perspectives
Community Banking & Credit Union Technology Perspectives Business strategies for revenue growth and value creation are similar between credit unions and community banks; however, community banks have far tighter cost constraints. Understand rapidly changing trends in end-user opinion to determine your market strategy.
full storybanking, credit unions, IT, technology, strategyLabels: banking, credit unions, IT, strategy, technology
Driving the Business of IT: Transform IT to Deal with Deficiencie
Driving the Business of IT: Transform IT to Deal with DeficienciesIn many organizations, IT is still seen as a cost center that doesn't contribute to the business's bottom line. CIOs in these organizations are working hard to change top management's perception and prove the value IT delivers to the business through competitive advantage and operational efficiencies. Attend this educational eSeminar to learn how organizations are achieving alignment with overall business objectives by overcoming a long list of deficiencies - some which you might not even know are there in the first place. Hear from one of today's leading IT executives, Avery Cloud, who will discuss the strategy and software solution he's utilized to quickly overcome a laundry list of deficiencies in IT departmental performance today.
Learn how you can put Avery's lessons to work for you now.
Attendees will learn:
- how to overcome IT project and process related deficiencies
- ways to align more strategically with business priorities
- the benefits of running an IT organization like a business
Learn more and register today.business, IT, strategy, managementLabels: business, IT, management, strategy
Data Security, Privacy Are Closely Related
Data Security, Privacy Are Closely RelatedWhile the issues of privacy and IT security are not synonymous, they are closely related. Protecting privacy is a process that depends to a great extent on knowing precisely what is being protected. A new market segment called Information Classification and Management (ICM) can help, say some observers.
Websense's acquisition of PortAuthority Technologies seems like a natural fit. Combining Websense's ThreatSeek and PortAuthority's PreciseID into an integrated product will control how data is managed, including under what conditions it is permitted to leave an organization. Another new data security product, Sentric Destiny Enterprise Suites, utilizes a content-focused approach that runs parallel to more common network security processes and procedures.
full storyLabels: data security, IT, privacy, technology
