CIT Group, Inc. Wins 2016 CIO100 Award for Complying with Financial Regulations using Denodo Data Virtualization

Chief Architect and Chief Data Officer BJ Fesq Collects the Award for Building a Modern Data Architecture with a Core Data Services Layer.

Palo Alto, CA, August 17, 2016 – Denodo today announced that CIT Group, Inc., a leading provider of financing, leasing and advisory services, was declared a 2016 CIO100 Award Winner. This annual award program recognizes organizations around the world that exemplify the highest level of operational and strategic excellence in information technology. This year the program selected 100 organizations from a pool of 500 nominations, including companies that have distinguished themselves by creating business value through innovative use of technology.

CIT Group officially became a Systematically Important Financial Institution (SIFI) upon acquiring OneWest Bank, pushing the company over the $50 billion in assets threshold which placed it under more rigorous regulatory oversight and requirements for managing data. To achieve SIFI regulatory compliance, Chief Architect and Chief Data Officer BJ Fesq led CIT Group in modernizing its data platform architecture enabling swift integration of new data sources, enrichment and monitoring of data they manage, and publication of interfaces to provision certified data to downstream consumers. By leveraging Denodo’s data virtualization technology, CIT Group built a Data Services Layer (DSL) that accelerated time to market and significantly reduced data replication and proliferation, resulting in a 30% reduction in time that potentially would have been dedicated to manual reconciliation of data.

The DSL has enabled everyone at CIT Group to consume data from the same sources, progress at their own pace, and guarantee a single source of truth, which is critical for operating efficiently and for meeting their new regulatory standards. By implementing a smart approach to data governance coupled with a controlled data environment, CIT Group ensures that data stewards are accountable for their data and empowered with the right tools to manage their data and ensure its quality.

“CIOs everywhere are under increasing pressure to deliver solutions to help their companies meet ever-evolving business requirements such as stringent regulatory compliance, and CIO100 awards program celebrates such leaders,” stated Ravi Shankar, Chief Marketing Officer at Denodo. “As a result of BJ Fesq’s selection and use of the Denodo Platform, CIT has realized several business benefits such as agility, cost reduction, and the added ability to influence the product roadmap and innovation strategy of the Denodo Platform, which is a win-win approach that has brought business benefits to both sides of the equation.”

BJ Fesq was honored at The CIO 100 Symposium & Awards Ceremony, held on August 16th at the Terranea Resort in Rancho Palos Verdes, California.

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