Fixing Data quality standards and associated risk interpretation is a difficult
and constantly revised decision. There are no fixed ground rules, however the
data related to regulatory compliance, financial exposure and possible legal
exposure is always the first priority.
Business owners and IT owners of the data should carefully look at the quality
thresh-holds and the actions that are needed to be taken on a certain instances
of data quality issues. For example if there is a mismatch between the agent
commission amounts across the agent management system and GL systems by 2%,
should we stop the processing and re-run it or should we just give a post-facto
warning.
Another way to establish the standards apart from home-work, is to look at the
industry bench-marks.
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