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Data quality becoming 'more important' for financial companies

Protecting themselves against potential risks is becoming an increasingly important factor for financial organizations, it has been claimed.

Since the credit crisis took hold, the need for risk management solutions in the sector has risen, with many companies realizing the importance that high levels of data quality can play.

According to Fritz McCormick, senior analyst at Aite Group, many companies are also keen to adapt their policies, practices and infrastructures in light of this knowledge.

"An associated emphasis on effective data management has also emerged as the industry acknowledges that effective risk management is predicated upon data quality," Mr McCormick said.

The comments follow recent news that, despite its prevalence in the financial sector, enterprise data management (EDM) can be a useful tool for organizations in other industries.

Indeed, according to industry commentator Rick Sherman, the long-term benefits of the tool are starting to be recognized by a variety of business groups.

Posted by Rachel WheelerADNFCR-2366-ID-800443057-ADNFCR