The EDM Council has completed its first data quality metrics pilot. It is designed to help financial institutions create fact-based data quality baselines, aiding in the implementation of Enterprise Data Management (EDM) strategies and applications.
The council presented the results of its metrics research at its London General Meeting earlier this month, which confirmed significant variance in the consistency of data from systems that were used for fixed income trade confirmation.
“Measurable business metrics are crucial if financial institutions are going to successfully manage EDM as a c-suite priority,” said Michael Atkin, managing director of the EDM Council. “The old adage ‘if you can’t measure it, you can’t manage it’ is certainly true as it relates to EDM. We are finding that anecdotes and logic will only take you so far and are not necessarily sufficient to elevate EDM as a priority.”