DQMS and DQP

The benefits in managing data sourced from third parties, integrating it with in-house data and ensuring timeliness, accuracy and consistency are significant. To help our clients achieve these benefits we have developed the Data Quality Management Service. DQMS is itself supported by a relational database of our own design and development - the Data Quality Platform (DQP) - which can record details of all the data used by the firm, whether purchased from third parties or captured in-house.

Examples of the uses of the Data Quality Management Service include, but are not limited to:

• Centralised management of internal and external information services as a resource
• Comparison of service coverage between suppliers
• Identification of the availability, location and attributes of data items required within the firm
• Location within the firm of users and uses of specific items of data from all sources
• Analysis and evaluation of a specific information service

The Data Quality Platform Data Model

The Data Quality Platform is a purpose built software tool with supporting database that allows analysis of the content of information services, and the comparative data coverage between alternative suppliers. Additionally it provides the analysis of data usage by information service and function within a firm for both internally and externally sourced data.

On completion of a DQMS project our client retains the DQP as a management tool and repository.

Investments and securities processing firms have an absolute dependence on Reference Data. They cannot risk the integrity of their business decisions and counterparty relationships, nor can they remain unaware of their own market exposure, by failing to manage the data on which all these depend.

Too often new systems are denigrated and misused because of the poor quality of the data they manipulate. Too often Client Reports are delivered late because extensive and time-consuming checks need to be made, or worse, are delivered on time but in error because the checks were not made. The perceived benefits of STP will prove illusory without timely and accurate Reference Data.

The costs to the firm in potential commercial claims, and in sheer effort and management time can be huge. The firm's own reputation depends on information, some sourced from third parties, being accurate and timely. The penalties for error or for failing to manage data matters with sufficient attention are now starting to move beyond mere commercial considerations and are drawing the attention of the regulators.