ZDNet reports that the EDM Council has added the Fintech Open Source Foundation to its list of partners that are collaborating on the development of the Cloud Data Management Capabilities network. The alliance currently encompasses more than 100 companies from various industries, and most recently added major tech companies Microsoft, IBM, Google and Amazon Web Services. Its goal is to create a universal framework of standards and best practices for implementation of cloud, multicloud and hybrid cloud environments which includes methods for protecting critical data using automated controls. “Cloud and data management are critical to all actors in the financial services value chain, and we believe having a truly open approach to demonstrate compliance is the only way to build trust in the industry,” said FINOS Executive Director Gabriele Columbro regarding the partnership. “The collaborative efforts from both the FINOS and EDM Council teams will help accelerate trusted cloud adoption,” said Mike Meriton, chief operating officer and co-founder of the EDM Council. The member organizations envision that FINOS’ newly created Open Compliance for CDMC project would speed up companies’ cloud data management compliance in the future.