How does the Dutch Mid-sized Banking industry manage data quality?

Data quality management

Banks of all sizes are concerned about data quality, and rightly so. Banks must conform to national and European data quality management regulations or risk penalties being imposed by the regulator.

We see the Finance and Risk Management disciplines in the global banking sector evolving towards a more adaptable, data-driven approach. This puts organisations in a better position to cope with continually shifting priorities and new challenges in the finance and risk landscape.

Why survey Dutch mid-sized banks?

The world order has changed, and this is affecting businesses in all sectors, including banks. To survive and thrive, they need to be flexible and adapt their processes and procedures. The global banking sector, and Finance and Risk Management, in particular, must evolve towards a more proactive, data-driven way of working. All this presents new data quality management challenges.

In contrast to their Tier 1 peers, mid-sized banks are expected to deal differently with various dilemmas, while the issue of data quality management is equally as important for them. Without quality data, an organisation cannot meet the reporting requirements. As investors demand more certainty, reporting on all aspects, including ESG reporting, is becoming more critical. And this requires reliable data. Initiatives like digital-native Challenger banks inherently depend on having a strong data quality management in place.

What did the survey cover?

We conducted personal interviews with eight mid-sized banks at board level as a follow up to our Global Risk Management Survey. We discussed issues relating to the five focus areas of our survey: Regulation, Awareness, Governance, Processes and systems, and Data quality implementation.

What does it take to be a front-runner?

For an organisation that has an ambition to transform from being Reactive (Regulation-driven) to Proactive (treating data as asset), it would want to know what areas about data quality to focus on. Download our benchmark report to find out the proven strategies from the peers.

If you would like to know where your organisation stands on the data quality management benchmark, get in touch with us.