Few things are as important to financial services companies as data quality. It’s data that drives decisions with bank loans, risk assessments and marketing programs. Data quality is also a necessity for compliance with its myriad of regulations, including Dodd Frank, CCAR, BCBS 239, Solvency II and MifiD II.
While 82% of leaders surveyed see data quality as a vital issue for their businesses to address over the next 12 months, 64% struggle with consistency and accuracy. Another third surveyed are challenged by integrity, completeness and conformity.
What’s needed is a blueprint for any financial services company with or without a data governance program to follow in order to make progress toward data quality. Whether you’re a leader or steward of data or work in compliance or risk, you need to know the key elements driving data quality in an enterprise governance practice. Recommendations crystalize what could improve data quality if undertaken.
Data quality will continue to demand resources and perplex management for the foreseeable future. The time to start building or expanding a data quality enterprise governance practice with the goal of improving data quality is now and begins herein.