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Data quality 'is key to risk management'
Mar 4 2010, 11:22 AM
A recent survey carried out by Thomson Reuters and research organisation Lepus has revealed that data quality and consistency are the keys to effective risk management and transparency.
The study focused on the data management strategies at over 100 top tier buy and sell-side companies and revealed that 77% are planning to increase spending on data quality systems over the coming year.
Of those polled, 87% said consistency is a major priority for them, while 44% will be focusing on compliance issues.
Robert Smith, head of research at Lepus, said many organisations are looking to revise their data strategies in the wake of the credit crisis.
"The results of this survey show that firms are committed to improving data quality and consistency across the organisation and are investing significantly in a bid to move closer to their ideal data management solution," he added.
Writing recently for his OCDQ blog, Jim Harris said it can be hard to make managers realise that data quality is a corporate asset.
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