Global financial crisis ‘has prompted data quality focus’
February 17, 2011
More businesses operating in the banking sector are focusing on the importance of data quality as a result of the after-effects of the global financial crisis.
This is the view of independent data quality writer and consultant Jim Harris, who told IT Business Edge that new regulatory compliance measures have been put in place since the event in an attempt to prevent bad information-driven decisions being made.
He said that financial institutions have come to realise the importance of data quality as a result.
"People are now starting to understand that how we collect, manage and report on data is very important and data privacy and data transparency issues have also come to the fore," Mr Harris stated.
His comments come after an article on the Finextra website explained good data quality standards will be vital for banks that are required to comply with the recently-announced Basel III regulations on capital ratios and liquidity reporting.