Data quality: Staying in charge of your data
If the Financial Services Authority has concerns over the accuracy of your data processing, it might demand that you implement a new system as well as impose significant fines, writes Ian Singer.
You do not even have to actually be in breach of FSA rules: arousing the regulator's suspicions that your lack of appropriate controls and systems might lead to a breach is sufficient for action to be taken.
Brokers produce reports for a variety of entities, both internal and external: the FSA, banks, underwriters, shareholders, auditors and non-executives. Anecdotally, around one-third of all broker data systems are poor - expensive and archaic - making it difficult to share data accurately
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