Financial institutions must improve data quality in order to address risk management problems, a new survey suggests.
Research conducted by SAS finds that this is one of the key areas that businesses in the sector have identified as needing to be reviewed.
More than half of the responding financial institutions stated that they have conducted a thorough overhaul of risk management and this feature.
In addition to data quality, the report finds that lack of expertise and risk culture are also barriers to effective performance in this area.
Virginia Garcia, senior research director at the Tower Group, claims that firms need to deploy a more agile and intelligent architecture if they are to adjust to the dynamic.
Meanwhile, Allan Russell, head of SAS Global Risk Practice, states: "Now more than ever, this survey confirms the need for the players in financial markets to make transparency a major part of a comprehensive overhaul of risk and performance management to make better business decisions."
A recent study by Fortune Business Leader Council Research suggests that unifying business processes such as data management can improve company data quality.