One of the speakers observed that BCBS 239 is largely designed to bring banks in line with sound data management principles already practiced in other industries such as the pharmaceutical industry,
Drug companies must ensure that every scheduled drug that leaves their factories is tracked and traceable, in order to manage the risk of addiction or death. One enabler is provable data governance and data quality – not necessarily as an outcome in its own right, but as an enabler to ensure that drug related data is maintained correctly.
BCBS239 requires banks to implement and track data governance and data quality processes because paying attention to data is proven to reduce costs and risks.
What do you think? Are banks ahead or behind other industries when it comes to data management?
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