Daragh O'Brien, former director of publicity and member of the International Association for Information and Data Quality, said that financial services firms need to be sure their data is accurate if they are to oversee their vast operations.
He pointed out that banks, insurance companies and other financial companies do not store 'piles of money' in their vaults and have to keep accurate records of where their investments are stored.
Mr O'Brien explained that firms which have access to high-quality data can make ensure their exposure to risk meets their corporate goals, adding: 'Poor-quality information drives decisions based on poor foundations, which can lead to businesses biting off more risk than they actually have appetite for.'
The expert also claimed that the recent the economic crisis was caused in part by a lack of transparency in financial data.
Last month, IT services firm Datanomic said that data validation is increasingly important to the financial services industry, as a number of regulations require firms to hold accurate information.
He pointed out that banks, insurance companies and other financial companies do not store 'piles of money' in their vaults and have to keep accurate records of where their investments are stored.
Mr O'Brien explained that firms which have access to high-quality data can make ensure their exposure to risk meets their corporate goals, adding: 'Poor-quality information drives decisions based on poor foundations, which can lead to businesses biting off more risk than they actually have appetite for.'
The expert also claimed that the recent the economic crisis was caused in part by a lack of transparency in financial data.
Last month, IT services firm Datanomic said that data validation is increasingly important to the financial services industry, as a number of regulations require firms to hold accurate information.
