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Banks and regulators are all about data quality these days – and for good reason. Without meaningful data quality management, big data only leads to faster analysis of "data debris" and inaccurate risk insights. From a risk perspective, high-quality data is essential to implementing effective risk strategies and ensuring compliance. BCBS 239 is just one of many regulatory communications with requirements predicated upon banks having quality data. This paper explains how effective data quality management should be considered a basic requirement for modern-day bank management. It focuses on five best practices for improving data quality that are derived from successful SAS projects within the financial services industry.
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