Reference Data Diagnostics is a product that enables the understanding and tackling of data quality issues for financial sector reference data. It enables identification and analysis of the reasons why quality is poor and how to improve it - by looking at the data itself. Traditional approaches have had a poor track record, proving to be too costly, time consuming, prone to error and not repeatable.
The Reference Data Diagnostics (RDD) product combines:
- proven Financial Sector functionality
- a reference data rule base including client and product
- an ability to describe data in business terms
- advanced fuzzy and artificial intelligence matching
- an integrated analysis and reporting engine to allow business users to understand their data, its issues and the possible solutions. This is done without the need for complex IT infrastructures or rigid data models.
This combination of benefits is proving attractive to clients that have seen the product. "We already have a European pilot underway - ahead of the formal launch, and several other financial institutions are showing strong interest." said John Cant, Director of Brewin Consulting. "Clients find the ability to start the analysis in a small way and get measurable business benefits out quickly with Reference Data Diagnostics is very attractive"
The RDD productâs customised rule base runs on Infoshare Limitedâs diagnostic engine. This software is already proven in Financial Services. Barclays selected Infoshare to implement a single view of customers across multiple systems and departments as part of their programme to address Basel/FSA requirements.
RDD allows this data quality improvement and monitoring to be implemented in a phased, low risk way that is rapid to implement, whilst being easy to control and understand.