Some of the single biggest factors that contribute to poor decision-making, reporting and breaches in regulatory compliance are poor data quality and a widespread inability to turn data into actionable insights. Every day, Boards and senior executives make wrong decisions because they rely on information that is incomplete, out of date or just plain wrong.

With the economy contracting and an ever growing list of regulatory compliance demanding exacting and time consuming reports, it would be easy to expect that risk management around this exposure would rank in the Top Five executive priorities.

After all, this problem isn’t new—poor data quality has been hindering business performance for over a decade. In good times like the past 15 years when capital was cheap and almost inexhaustible, growth has come relatively easy, and lapses in data quality could be excused as the engines of commerce rolled forward. But in a contracting economy, the margin for error is razor-thin, especially if the standards for compliance reporting are raised.

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