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

Share article

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.

Related content

WEBINAR

Upcoming Webinar: Managing unstructured data and extracting value

Date: 3 December 2020 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Unstructured data offers untapped potential but the platforms, tools and technologies to support it are nascent, often deployed for a specific problem with little reuse of common technologies from application to application. What are the challenges of managing and analysing...

BLOG

Fenergo Said to Be Mulling IPO as Rumours of Sale Swirl

Following the success of VC stablemate NCino’s $250 million IPO back in June, rumours are swirling that Dublin-based client lifecycle management specialist Fenergo may be contemplating a significant corporate event, with possibilities ranging from an IPO of its own to a trade sale of the company. While sources close to the company are hinting that...

EVENT

Data Management Summit USA Virtual

Data Management Summit USA Virtual will explore how sell side and buy side financial institutions are navigating the global crisis and adapting their data strategies to manage in today’s new normal environment.

GUIDE

Regulatory Data Handbook 2020/2021 – Eighth Edition

This eighth edition of A-Team Group’s Regulatory Data Handbook is a ‘must-have’ for capital markets participants during this period of unprecedented change. Available free of charge, it profiles every regulation that impacts capital markets data management practices giving you: A detailed overview of each regulation with key dates, data and data management implications, links to...