There is no doubt that data governance is rising up the agenda at many financial institutions, driven both from an increasing regulatory focus on good data as well as a firm’s internal focus on improving data quality and applying ‘fit for purpose’ data to the key business processes.

Asset managers and other financial services companies outsource many business functions across the enterprise to service providers, which enables them to focus on their core competencies such as product development and investment performance. The data management component supporting those functions is often included in the outsourcing arrangement. But while the firm may choose to outsource the function, they cannot outsource the risk or liability of errors due to poor quality data – that responsibility remains firmly within the remit of the asset management firm itself.

The definition of business intelligence is “the transformation of raw data into meaningful and actionable information to improve your business.”  Asset managers are now turning their attention towards leveraging data quality information with business intelligence to underpin their data governance efforts….