In Financial Services companies, It is a long game explaining to the business about the benefits of good data quality. Historically any data quality initiatives were being downgraded by CFOs / CEOs while regulatory initiatives were prioritised. Data professionals were longing to create a structured framework for data governance and data quality. After a long period, Data professionals are delighted that the banking industry is coming to terms with data governance and data quality initiatives largely driven by regulatory pressures such as BCBS 239.
Certain regulators are taking the data quality regime to the next level by defining data quality in a more holistic way. For example European Central Bank (ECB) has included “Plausibility” as a measure of data quality. ECB has broken Plausibility in to two; “Stability” and “Outlier analysis”.