Poor data quality is the single biggest contributor to the poor performance of customer risk-rating models

Poor data quality is the single biggest contributor to the poor performance of customer risk-rating models. Incorrect know-your-customer (KYC) information, missing information on company suppliers, and erroneous business descriptions impair the effectiveness of screening tools and needlessly raise the workload of investigation teams. In many institutions, over half the cases reviewed have been labeled high risk simply due to poor data quality – McKinsey

Integrating data quality and data governance

For someone that’s been preaching data governance and data quality for more than fifteen years, its been fascinating to see how these two topics have been gaining traction in the last few years. A few week’s back I touched on the difference between data governance and data quality – governance is about “what” and “who”,…