The CFTC Office of the Inspector General ("OIG") highlighted deficiencies in the agency's Data Governance program and advised the CFTC to improve its Integrated Surveillance System ("ISS") platform or transfer to a better platform.
In its report, the OIG acknowledged that the program is working toward an "improved Data Governance framework with benchmark attributes," but currently "shows declining usefulness to CFTC operations." Specifically, the OIG found that (i) the program's ISS data collection and maintenance procedures are costly and subject to errors, and (ii) ISS database application does not meet certain cybersecurity standards and is, therefore, a target to hackers.
The OIG advised the CFTC to:
In response, the CFTC agreed to:
establish a data governance framework;
address stakeholder business requirements;
update data transmission standards and improve its ETL practices; and
increase security compliance.