Reference Data Acquisition Challenges: Getting it Right from the Start
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(1)Overview: To manage reference data effectively, financial services institutions need an organized, thorough, consistent program to source, validate, and normalize data as they acquire it. To build this program, financial institutions must face these challenges:
• Sourcing data from vendors and internal systems
• Monitoring and auditing reference data quality
• Delivering data securely across applications and locations
This white paper examines these key challenges in detail. It concludes that financial organizations need a mix of well-planned data governance policies, highly competent data professionals, and appropriate technology in order to source the data that supports their business.
