Those of you familiar with my blog will know that I am a fan of common sense.
I believe that data quality management requires one to apply common sense principles and processes to your data. I believe that the same common sense principles apply regardless of the industry you are in.
Your data will be unique, but the common sense questions you must ask yourself will be the same. They include:
- What MI reports do we need to run our business?
- What critical data do we need in our MI reports?
- Who owns and is responsible for gathering the critical data we need in our MI reports?
- What should our critical data contain?
- What metrics do we have to verify our critical data contains what it should?
Click on the image to see a document that lists what I regard as “common sense” data aggregation and reporting principles. They were published as a consultative document on 26th June 2012 by the Basel committee on Banking Supervision (BCBS). The principles are commonly known as BCBS 239. The committee invited comments from interested parties, which are available at http://www.bis.org/publ/bcbs222/comments.htm. I co-operated with a group of fellow independent data professionals to comment and you may see our comments at http://www.bis.org/publ/bcbs222/idpg.pdf. You may see the final version at http://www.bis.org/publ/bcbs239.pdf. The largest banks in the world (known as Global Systemically Important Banks, or G-SIBS) must comply by Jan 2016. Other, “Domestic Systemically important banks”, or D-SIBS, must reach compliance three years after the date on which they were so designated, which varies by bank. Many received their designation during 2014.
While the document is targeted at risk management within the banking industry, the principles apply to all industries. The document explicitly refers to “Risk data aggregation and risk reporting” – I suggest you ignore the word risk and read it as “data aggregation and reporting principles”.
Over the next while I plan to explore some the principles proposed in the document. I plan to explore the practical challenges that arise when one seeks to implement common sense data quality management principles. I welcome your input. If you have a specific question – let me know – I will do my best to answer it.