Data Remediation In Financial Services – Triggers, Execution, Controls And Continuous Improvement
INSIDE THIS DOCUMENT
Data remediation activities in financial services will never cease. The best that can be achieved is significantly reducing the frequency and scope of remediations over time.
If new data is entering a system, there will always be a need for data quality management, including remediation work. Data is inherently ‘dirty’ and must undergo a systematic quality process.
This paper can be applied to data remediation events in superannuation, wealth management, banking and insurance. It discusses the following elements:
TRIGGERS: the event that instigated the data remediation
EXECUTION: the process of fixing the data
CONTROLS: the process to stop the issue from recurring
If your organisation needs assistance with data remediation, QMV can help.
QMV have performed hundreds of data remediation projects. We utilise an innovative and flexible approach to assist clients identify and create visibility of data quality issues.
QMV’s extensive work in data quality management led to the development of Investigate our data quality software solution.
QMV provides trusted advisory, consulting and technology to Australia’s leading superannuation, insurance, banking and wealth management organisations.
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