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The Critical Nature of Data Quality in Today's Regulatory Environment
Today's financial services marketplace is global in nature, and volatility appears to be the norm. Meanwhile, new waves of regulation are driving banking organizations to collect broader, deeper data sets, to enhance risk identification and control structures, to upgrade reporting capabilities,...
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Published in: | The RMA Journal 2012-11, Vol.95 (3), p.58 |
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Main Authors: | , |
Format: | Article |
Language: | English |
Subjects: | |
Online Access: | Get full text |
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Summary: | Today's financial services marketplace is global in nature, and volatility appears to be the norm. Meanwhile, new waves of regulation are driving banking organizations to collect broader, deeper data sets, to enhance risk identification and control structures, to upgrade reporting capabilities, and to improve transparency. All of these interrelated goals depend on accurate, timely data. Throughout the recent crisis and thereafter, RMA and Automated Financial Systems Inc (AFS) sponsored annual surveys of large financial institutions to assess the state of their enterprise data supporting credit risk management. The 2011 survey was the fifth to be conducted. For the first time, RMA and AFS also conducted a data quality survey of the community banking industry. The Dodd-Frank Wall Street Reform and Consumer Protection Act has changed the way regulators approach and focus on data quality. The survey of large financial institutions received 38 responses from 36 global financial institutions headquartered in North America, Europe, Africa, Asia, and Australia. |
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ISSN: | 1531-0558 |