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Financial Industry Regards Data Quality as Key to Risk Management

Published: Monday, October 25, 2004 - 22:00

A survey of more than 1,700 banks from 63 countries reveals that improving data quality is regarded as a key issue for risk management.The survey, conducted by AIM Software and the Vienna University of Economics, and sponsored by Reuters, quizzed banks about 11 key topics involving reference data management and risk management. It shows that financial institutions worldwide are making considerable efforts to deepen their data management and increase data quality.

Respondents indicated that regulatory requirements such as Sarbanes-Oxley and Basel II are driving the efforts. The requirements will be implemented in 100 countries in coming years.

“The results show that companies realize the close connection between a comprehensive data management and an efficient risk management,” says Martin Buchberger, AIM Software head of marketing. “The effort that financial institutions are making to improve their data management is noticeable.”

The full results of the survey are available at www.aim-sw.com.

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For 40 years Quality Digest has been the go-to source for all things quality. Our newsletter, Quality Digest, shares expert commentary and relevant industry resources to assist our readers in their quest for continuous improvement. Our website includes every column and article from the newsletter since May 2009 as well as back issues of Quality Digest magazine to August 1995. We are committed to promoting a view wherein quality is not a niche, but an integral part of every phase of manufacturing and services.