Data quality review crucial for Basel II compliance says M&S Money

News Article - 10 August 2006
Category: Business

Marks & Spencer Money has said that a major data quality review has been instrumental in helping it to comply with Basel II requirements well before the January 2007 deadline.

The review helped sharpen both its Basel II capital accord requirements, which require firms to track their ongoing exposure to risks and its customer data accuracy.

This would allow it to improve the quality of its business intelligence data, said Marks & Spencer Money.

"Basel II was the final piece in the jigsaw when looking to justify a data quality project," said Neil Hershaw, information manager at Marks & Spencer Money.

"For Basel II compliance we had to put a lot of effort into processes people and technology," he told Silicon.com.

As the sheer volume of customer data held by businesses increased, ensuring that it is accurate becomes even more of a priority, he said.

"Fifteen years ago people didn't have much data about customers and it was in their operational systems.

"Now we've got many terabytes of information in huge data warehouses. But if that data is wrong it doesn't matter how good your model is, the results will be skewed."

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