Financial services risk management should be "enterprise-wide"

07 June 2010

Adopting an "enterprise-wide" approach to risk management would boost the quality and accuracy of data held by financial services companies.

This is according to Daragh O Brien of the International Association for Information and Data Quality (IAIDQ), who recommended a broad strategy for handling "critical information assets" and the simplification of operations in order to enhance transparency.

He claimed the global financial crisis had been exacerbated because data was "not easy to get old of" and a new approach is needed to ensure all details required are available.

"Decisions were being made on the basis of incomplete, inconsistent, inaccurate or just plain missing information," the IAIDQ member and former Director of Publicity said.

A recent poll conducted by Lepus for Thomson Reuters indicated more than three-quarters of leading firms in the financial services sector are planning to boost spending on data quality and consistency in the wake of the downturn.

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