This Resource includes an interesting look at how the banking industry handled the data quality requirements of Basel II. From the Resource: “The most common mistake made by many banks in preparing for the adoption of Basel II was to underestimate significantly the scale of data quality problems and the level of effort required to fix them. All too often the focus of attention was on perfecting the capital adequacy algorithms with little attention given to the quality of the data that would ultimately feed them. Many banks have had to revisit their existing processes for data management as these were not sufficiently robust to meet the requirements. Tight timescales have compelled many to force through short-term tactical fixes and, as a result, many continue to face ongoing data clean-up exercises today. These unresolved issues have not only driven up dayto- day operating costs but have also required the banks to hold a higher level of capital to compensate for the increased uncertainty arising from unresolved data issues – thereby directly hitting the bottom line.”

Link to External Resource: Solvency II: Will Your Data Let You Down?

Source: Detica

See more Resources like this one in this Data Quality Resource Guide Section: Data Quality User Success Stories and Case Studies