The threat of reporting and decision-making based on unclean data is considered by industry experts as the biggest operational risk in banking today. Banking data is characterized by huge volumes of business transactions, maintenance of historical records, and the need to have multiple, disparate applications for various banking functions. The stringent statutory requirements in Banking present vastly different needs for data management than any other industry. Unless the information is based on clean, quality (record-level) data, there is no guarantee as to the accuracy of this information. This poses a real threat in terms of:
- Regulatory/ Compliance reports
- Internal reports – both for management and operational purposes
- Financial models used for decision-making or decision support
- Anything using information from source as input
The old adage in Information Systems – “garbage in / garbage out” – Prompted us to develop functionality that allows you to perform in-depth analysis of the bank’s interest-bearing products, using record-level data as extracted from the bank’s primary source systems for operational (“core”) banking and treasury. Our data cleansing tool imports data from any source systems, so that it can be fixed at source prior to performing any analyses. This ensures that no reports are produced based on unclean data, also ensuring that all downstream applications benefit from better quality data.