Transforming Data to Information
Good decisions must be based on facts, which is the reason that a focus on data quality is such a key component of good business process management techniques. Knowing and understanding the quality of your data are key steps toward achieving business insight. Data anomalies and errors are a continuing problem in most companies, and it requires vigilance, education and good processes to minimise or eliminate the issue.
Data quality is not simply a function of whether the data is correct and error free. The data must also be presented in a format that supports the business's requirements. Data doesn't become information until it's presented in a format that is easily understood and allows the user to take action based on it.
ICRMS has experience in managing data quality at more than 40 banks and financial institutions. We have processes that can help our clients to cleanse and enrich data, analysing and identifying patterns until the data are transformed into actionable information that supports fact-based decisions that improve the clients' operational efficiency.
Our complete data management process encompasses the following steps:
The result of this comprehensive process is quality decision support information and better cost management with reduced risk.
High quality data goes hand in hand with business process management because it enables the process to execute as designed with a minimum number of exceptions. Users learn to trust that the information they see in systems is correct, which reduces the dependency on manual side processes that execute outside the system of record.
While users feel that these offline systems help them to accomplish their assigned tasks faster and more easily, the truth is that they actually diminish the effectiveness of the company's primary business systems. Over time, they contribute to the deterioration of system data and they leave the company open to the risk of non-compliance with government regulations regarding the use and security of data.
Basel II - Data Quality
Basel II recognises the importance of data quality in accurate reporting, which is why it puts the responsibility for data quality and data management squarely on the financial institution.
Management has the legal duty to ensure the accuracy, security and quality of the data the company uses to conduct its business, but few managers actually understand how to ensure data quality or the risk and expense that poor data quality represents.
ICRMS has the skill and expertise to plan a data quality process that will help your organisation to improve the quality of its data. The result will be improved decisions, more accurate reporting, less risk and lower costs.