Financial service firms should adopt an enterprise-wide approach to controlling information, it has been claimed.
According to the International Association for Information and Data Quality (IADQ), by applying this strategy the quality of valuable information would immediately be improved.
"If operations where simplified and an enterprise-wide approach to managing critical information assets were implemented, we would see increased transparency," Daragh O'Brien, a member of the IAIDQ and its former director of publicity, said.
"[This should] in turn lead to more timely and accurate data and information."
Mr O'Brien's comments come after the Institute of International Finance claimed that any critical decisions on global financial reform that will be taken in the coming months need to reflect an integrated approach to systemic risk.
Meanwhile, a recent survey by Thomson Reuters and Lepus suggested that the majority of financial service organizations were planning to increase their spending on data quality projects this year.
Many firms had put a variety of schemes on hold because of the economic crisis, the research found.
Posted by Richard Jones