Whitepaper: Achieving Regulatory Compliance by improving Data Quality
Are you a Chief Data Officer, Chief Risk Officer or C-level executive that strives to achieve regulatory compliance for bank’s data?
Recent financial regulations and directives such as BCBS 239 are driving banks to get to grips with data quality. This involves measuring large volumes of entity, risk and vendor data in order to report on quality dimensions such as completeness and accuracy. Erroneous data is then escalated to the data owner for fixing by automatic processing or ‘person in the loop’ remediation.
In this white paper, we outline the steps used by Datactics and a tier 1 global bank to implement a regulatory metrics platform (RegMetrics) to obtain deep insights into data quality and achieve immediate usable results. We highlight the importance of a “bottom-up” approach to compliance with data quality regulation, and how it can inform and steer broader data governance strategy.
Built on the core Datactics software, the Datactics RegMetrics solution provides a stable and flexible data quality platform enabling robust, repeatable, and transparent data quality measurement and efficient generation of comprehensive data quality statistics.
The Datactics RegMetrics solution is already in production at a tier 1 global bank and we argue that as more firms establish the capability to accurately and reliably measure the quality of data they receive from third party vendors, the more pressure there will be on these vendors to improve the quality of the data they sell, which should have the effect of driving up data quality standards and/or reducing data costs.
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