Ensuring data is accurate and up to date plays an important role within financial service companies, an expert has claimed.
Former director of publicity and member of the International Association for Information and Data Quality (IAIDQ), Daragh O'Brien, believes that data plays a crucial role in the industry.
He said that financial sector organizations managed information surrounding the concept of money and as such having a high level of data quality was vital to minimize any risk.
Mr O'Brien stated that one reason which contributed to the economic crisis was a failure to correctly manage data issues.
"Poor quality information drives decisions based on poor foundations, which can lead to businesses biting off more risk than they actually have appetite for," he explained.
According to the results of a recent survey, conducted by Thomson Reuters and Lepus, the majority of financial firms have plans in place to augment their spending on data quality projects.
A total of 87 per cent of firms questioned highlighted this area as a priority for increased investment.