by Angela Guess

Prash Chandramohan recently wrote in iCrunchData News, “Getting trusted data. That simple but often elusive goal sums up the focus of financial services today. Piling investments in digital platforms, global financial service organizations of all sizes seek to leverage data technology as a strategic business asset. The primary goal? Managing quality, trustworthy data. Why? Simply put, the quality of data itself is fundamental to key processes that undermine the success or accelerate the growth of companies. Let’s explore four top challenges facing the financial industry and how Master Data Management (MDM) provides the right momentum to address them head-on.”

The first challenge, according to Chandramohan, is “Risk and Compliance. Maintaining regulatory compliance is certainly a major ongoing concern for financial services organizations… MDM allows companies to manage business-critical data holistically, providing comprehensive views of counterparty relationships. By integrating metadata, business glossaries and MDM, organizations can define clear policies and rules for who changes what data and when. It helps organizations bring customers, products and services into one place for a trusted, consistent source. Ultimately, they can confidently adhere to regulations such as Dodd-Frank, Basel III, BCBS 239, OFAC and AML.”

Read the rest of the list here.

photo credit: Flickr