It is widely known that data is probably the most valuable asset of a firm, perhaps even more important than the people who work for the firm. Good data management and governance is essential, especially in times of continually increasing regulation as it is essential to be able to provide a correct and comprehensive audit trail to support any client queries, complaints or regulatory visits and investigations.
In our experience many organisations, especially the smaller players do not have adequate data management policies and procedures in place, it is also often the case that the systems in use are also no longer fit for purpose and able to keep up with the pace of changing data needs.
Some common issues that we’ve experienced are:
We have worked with many organisations on data management and data cleansing initiatives. These are often closely linked to system implementation and outsourcing projects as data quality and sourcing is usually an important and sometimes difficult aspect of such projects.