About a-team Marketing Services
The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

IMF Publishes Possible Revisions to its Data Quality Assessment Framework

Subscribe to our newsletter

Given the regulatory community’s crackdown on data quality across the financial services industry, the International Monetary Fund’s (IMF) recently published paper on the improvement of its data quality assessment framework indicators is judiciously timed. In the paper, the IMF’s statistics department suggests improvements to its current set of metrics against which to measure the quality, accuracy and reliability of data gathered during a supervisory endeavour.

Although the IMF’s data quality measurement focus is largely on macroeconomic data for a specific purpose, the lessons in data quality are applicable to much of the other work going on across the regulatory spectrum. Its data quality assessment framework has been developed to provide a framework for a uniform and standardised assessment of data quality and improvements of data compilation and dissemination practices; something that many regulators are focusing on in the search for a better way to evaluate systemic risk.

For example, the European Systemic Risk Board (ESRB) and the US Office of Financial Research will need to regularly evaluate their data quality checking practices, as well as measuring those of the firms they are monitoring. After all, both are charged with collecting the data on which important judgements must be made with regards to systemic risk.

The IMF’s framework currently examines five dimensions of data quality: prerequisites of quality, assurance of integrity, methodological soundness, accuracy and reliability, serviceability and accessibility. The paper, which has been penned by Mico Mrkaic from the IMF’s statistics department, examines whether these are appropriate metrics to use and suggests other possible variables to consider and various practical examples.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Data standards and global identifiers update

Data standards and global identifiers are the international language of capital markets – but how widely have they been adopted, how useful are they in practice, and can they stand the test of sustaining stable markets? This webinar will review data standards and global identifiers available in capital markets, discuss their adoption, and consider best...

BLOG

ESGi Embeds LEI in ESG Regulatory Reporting Platform

ESGi, a provider of trusted ESG data for the investment industry, has embedded Legal Entity Identifiers (LEIs) into its platform, taking advantage of the ISIN to LEI link initiated by the Global LEI Foundation (GLEIF) and helping buy-side firms identify which companies products are exposed to. The ESGi platform has been developed as a company...

EVENT

Data Management Summit Boston (Redirected)

As investment management firms take on more responsibility and control over core operational functions, A-Team has seen demand for a more buy-side oriented event focused on data and data management. The inaugural DMS Boston will take place in June 2020, and will focus on topics of interest to buy-side practitioners.

GUIDE

ESG Data Handbook 2022

The ESG landscape is changing faster than anyone could have imagined even five years ago. With tens of trillions of dollars expected to have been committed to sustainable assets by the end of the decade, it’s never been more important for financial institutions of all sizes to stay abreast of changes in the ESG data...