Data is 'the critical asset' of financial services firms, says IAIDQ

12:47 31st March 2010

Well managed information is crucial in allowing financial services companies to make accurately informed decisions, according to Daragh O Brien, member of the International Association for Information and Data Quality (IAIDQ).

"Data is the mission critical asset of the financial services industry. What banks, insurance companies and other financial services businesses manage is the information about the concept of money and value", said Mr O Brien.

His comments came as a new survey by Sterling Commerce found that challenges in data integration create impediments for insurers in achieving their operational efficiency and customer service priorities.

According to Mr O Brien, having high quality data enables financial services firms to put together a "big picture view of their exposure to risk" which means that their decisions on the level of risk "are actually being made on reliable facts".

Mr O Brien added that a lack of transparency over the way information was being managed "helped trigger the financial crisis" because it made it more difficult to make accurate decisions about risk.

Written by Paul Davis

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