Regulatory Reporting Capabilities Improved with Data Quality Remediation
Sagence’s data quality remediation services enabled a brokerage to eliminate data quality issues including inaccurate and incomplete client reference data and improve operational use and regulatory reporting.
As new operational and regulatory requirements emerged, significant data quality risks were exposed in a multi-national full service brokerage’s client onboarding process. A new client data reference system was developed to replace an older system with multiple data entry points and regional data silos. A baseline understanding of data quality in the new system had not been established and confidence in the client reference data and its accuracy for operational use and regulatory reporting was very low.
Sagence’s data profiling and analysis techniques exposed data quality issues that were not apparent using basic data analysis. All of the findings were quantified, incorporated multiple quality dimensions, and allowed our client to prioritize and tackle data issues in manageable parts. Sagence proposed a solution to address not only current issues but future regulatory and operational requirements as well.
Data quality remediation is equally important to complying with GDPR Right to Erasure requirements. Contact our GDPR lead, Jace Frey, to learn how we can help your firm be compliant before the May 25, 2018, deadline.
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