Do you know your data to be archived? If not, it is time to assess it. Deep internal and external cooperation is one of the tips Topi Westerholm highlights. What else does he recommend?
“Being a CIO is not only about providing technologies but enabling strategy and business continuity, security, and compliance. Data management fits those responsibilities very well.”
Migrating only the relevant data to a new system, archiving data that needs to be retained and getting rid of the rest. It is possible to do this cost-efficiently with cloud.
While banks are obliged to have contingency plans in place, ability to use clearing and settlement services is not fully in their control.