The Queen of England made an historic and welcome visit to Ireland in 2011. She delivered a memorable speech at the Irish State banquet, in which she said “With the benefit of historical hindsight, we can all see things which we wish had been done differently, or not at all”.
In real life, we cannot change the past. The same does not apply to data created in the past. Regulators now expect financial institutions to:
- Identify data quality mistakes made in the past
- Correct material mistakes
- Implement data governance controls to prevent recurrences
I quote from the UK Financial Regulator’s requirement that all deposit holding financial institutions deliver a single customer view (SCV) of deposit holders: “There may be a number of reasons why SCV data is not 100% accurate. This might be due to defects in the systems used to compile the SCV, but we would expect such defects to be picked up and rectified during the course of the systems’ development.”
Dodd-Frank, Solvency II, FATCA, BASEL III and many more regulations all require similar. Use this checklist to check if your organisation suffers any common Enterprise-Wide Data Governance Issues.
What data quality mistakes have you uncovered from the past, and how have you corrected them? I’d love to hear about them.