New research commissioned by global management consulting firm Accenture indicates that many firms lack reliable metrics for verifying and qualifying the accuracy of their data. Conducted by TABB Group, the survey also found that buy- and sell-side firms alike fail to address reference data in a proactive manner.
Of the 50 data management executives that responded to the survey, only 20 percent reported having active metrics for measuring data value. Forty percent of respondents said that their organizations follow a reactive approach, addressing problems in reference data on a case-by-case basis. Additionally, 10 percent of survey participants reported having no metrics whatsoever for measuring the effectiveness of reference data.
According to TABB Group, the inconsistencies that result from not measuring data quality can impact a variety of functions throughout an organization, perhaps most directly, traders and risk managers. <<<