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Data management 'essential for financial institutions'
Mar 3 2011, 09:12 AM
Financial institutions have come to realise the importance of data management to their operations as a result of the global financial crisis.
According to Mike Atkin, Managing Director of the Enterprise Data Management Council, regulatory changes that demand more from such organisations have forced them into this conclusion.
"Across the board, financial institutions have recognised data management as an essential prerequisite for operating in the new era of global transparency and systemic oversight," he said.
Mr Atkin explained companies now see the issue as a key business priority, with moves being taken to improve governance, align data repositories and adopt better working standards.
Last month, an article on the Finextra website explained the quality of data will also have to be taken into account by the financial sector as a result of the Basel III legislation.
Under the rules, banks will need enough capital to return deposits should they suffer difficulties, meaning there will be a greater reliance on accurate records.
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