Latest Version of DCI Data Analyst
DCI Enhances Financial Services Firms Ability to Identify Bad or Missing Data at Source With Latest Version of DCI Data Analyst
London 22nd February 2023: Data Compliance & Integrity Ltd (DCI) are excited to announce their latest version of the data management application DCI Data Analyst will significantly augment financial services firm’s capabilities to identify bad or missing data before it creates potentially damaging issues for the company.
Bad data – be it inaccurate, incomplete, inconsistent, outdated or poorly defined – brings significant direct, and indirect, costs to organisations. There are the errors and downstream mistakes that result, plus the expense (in time, headcount, systems, regulatory fines and client compensation) of rectifying those problems.
DCI Data Analyst has been created to help financial services firms to proactively address these issues at source with minimal effort. This fully automated data quality application removes human variability, ensuring checks are always accurate and consistent and flags any errors very early in the process enabling quick and easy resolution.
The latest enhancements are around the rules engine, the core of the system. The system was originally developed with a core set of rules validating specific data at source that is required for the business. DCI Data Analyst is customised according to the specific needs of our clients based on their own processes and workflows.
“Everyone experiences bad data and some firms are aware more than others of how potentially harmful this could be to their business,” says Simon Ray, Co-founder of DCI. “We created our DCI Data Analyst solution to allow firms to proactively address these data challenges head on; at the earliest opportunity. Our workflow engine and user defined dashboards provide the necessary detail to resolve the errors and also provide enterprise wide management oversight of the number of data issues found, unresolved items and those with the potential for regulatory impact. Based on feedback from our clients, we are continually expanding our rules engine to broaden the capture of potential data issues,” continued Ray.
“We believe prevention is better than cure in that it is far more cost effective to prevent data issues than to resolve them, said Nick Thacker, Co-founder DCI. “Poor data impacts all areas of the business, from client servicing to investing and regulatory compliance. The costs can be huge but often underappreciated and un-itemised. This ignorance is hurting firms’ profitably and constraining their ability to grow. Our solution will enable a firm to properly manage these risks to the business,” continued Thacker.
DCI was created by its founders following many years of experience working with the complex challenges faced by financial services firms, such as increasing client demands, constant regulatory change and the need to drive down costs across the business but with legacy technology platforms that can result in operational inefficiencies. From the outset, our focus has been on data, as this is typically the source of many challenges faced by regulated businesses. In an ideal world, systems would not permit bad data to be processed, but in the real world, it does; especially when firm’s operate multiple systems and these often rely on manual input.
We understand your business and the problems you encounter resulting from working with legacy architecture, and the resultant poor data quality. Our approach has been to create complimentary solutions that identify bad data as soon as it occurs and before it can have a material impact.