Know your data

You must know your data.

Do you know what’s in your data box of chocolates?

You must know where it is, what it should contain and what it actually contains.

When your data does not contain what it should, you must have a process for correcting it.

CEOs, CFOs and CROs often take the above as “given”.  They make business critical decisions using information derived from data within their organisation.  After all, its applied common sense.

For the insurance industry, Solvency II requires evidence that you are applying common sense.

If you operate in the EU market or process the personal data of EU data subjects, you must comply with the EU General Data Protection Regulation (GDPR) or face severe fines. To comply, you must “know your (personal) data” and how you manage it.

In my experience, data is like a box of chocolates “You never know what you’re gonna get.”

Do you know your data?

3 thoughts on “Know your data

  1. Pingback: Tweets that mention Know your data « Ken O'Connor Data Consultant --

  2. I completely agree! I am always on my soapbox about how we continually refine the precision of our statistical methods to use Rasch models, Item Response Theory, Hierarchical Linear Models, Bayes theorem – and conveniently ignore the fact that our data were entered by high school dropouts after a lunch of beer and marijuana. (Okay, maybe it’s not THAT bad, but we certainly don’t attend nearly enough to data quality.)

    Every contract I write includes time for data quality checks.

  3. AnnMaria,

    Thank you for your comment. Not only must you perform data quality checks, you must be able to demonstrate that you perform them.

    Historically, data quality checks acted like a bouncer at a night club – the checks rejected data that failed specific criteria. SII requires evidence of the “rejection business rules”. More critically, SII requires evidence of the “acceptance business rules” for your “good” data.

    Rgds Ken

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