Datactics Ltd, a market leader in data quality and matching software, today announces the launch of DQ Metrics, a powerful data monitoring and measurement application that offers financial institutions the ability to measure their data compliance against evolving regulations and industry standards.
DQ Metrics is a sophisticated browser-based application that enables financial institutions to review, measure and report on their regulatory data compliance. Data managers can now profile data to a standard and documented regulatory baseline across all critical data stores and repositories and use this data as input into benchmarking and scoring processes. Large volumes of reference data can be handled in real-time and this allows for the provision of “continuous data quality” measurement as opposed to a sampling or “snapshot of data” approach.
In addition to its widely deployed tools for profiling, cleansing and matching name/address, corporate entity and instrument data, Datactics recently invested in a major extension of its data quality platform, FlowDesigner, to identify and profile transaction and counterparty data for financial institutions so that they can comply with recent regulations such as MiFID LEI, FATCA GIIN and BCBS 239. This work began in late 2014 with several bespoke implementations of data quality metrics in the area of MiFID LEI. One of the key design requirements for the product was to handle millions of records of entity information in a continuous process while applying metrics associated with data characteristics.
For the first release, DQ Metrics incorporates the data quality dimensions specified in the Enterprise Data Management Council’s Data Capability Assessment Model (DCAM). However, DQ Metrics is open and can import rules from any rules repository or governance system. Datactics is already in discussions with several services that create and maintain rules databases relating to financial entity, trade and risk data.
DQ Metrics is an intuitive system designed to allow data quality and compliance rules to be built by data managers rather than programmers and those rules can be applied to a wide range of compliance processes and operational practices. This easy-to-use functionality means that data managers can readily augment DQ Metrics with new rules as they are issued by regulators thereby ensuring a sustainable solution that will evolve with the organisation.
DQ Metrics Dashboard graphically presents insightful metrics for important data quality dimensions, such as accuracy, timeliness and completeness, while allowing a manager or data analyst to move from a high level regulatory metric to examining its constituent elements within three mouse clicks. For its users, data quality score carding identifies where flaws in data and its processing are impacting business operations most.
Stuart Harvey, Datactics CEO said, "Financial services organisations are battling a wave of rules to introduce greater transparency and accountability in the sector. The recent regulation BCBS 239 to go live in January 2016 mandates that banks and trading firms take a holistic view of data and bring together scattered pieces of information to meet risk aggregation metrics. All of these regulations require that a bank can profile and measure quality for underlying data yet current methods and technologies used to measure compliance are inadequate in dealing with the volumes of data and rely on the sampling of data. We believe that the breakthrough in performance and matching associated with Datactics will allow our clients to see exactly where data mistakes are impacting operations and rapidly identify the most serious problems.”
This summer, Datactics’ data compliance technology was recognised in Innovate UK’s Financial Technologies Innovation Contest, backed by industry heavyweights like Lloyds, RBS Group and Accenture. Datactics was a finalist in the Compliance and Regulation Challenge which sought innovative proposals for solutions that enable compliance practice to become more accessible and efficient for financial organisations and their customers. Another recent acknowledgement was given in Information Difference’s Data Quality Landscape Report which ranked Datactics as a major data quality vendor with exceptional technology.