The members of the Council have defined seven key dimensions associated with data quality (completeness, coverage, conformity, consistency, accuracy, duplication, timeliness). These dimensions facilitate better communications among and between stakeholders about data quality objectives, challenges and remediation approaches.
Core Data Attributes
Members are creating a composite set of all critical data attributes for all primary applications (i.e. research, trade, clear, settle, price, value, risk, compliance, books and records) throughout the full transactions lifecycle. Definitions of core attributes will be aligned with the Council’s Financial Industry Business Ontology.
Standard Measurement Criteria
Members are working on the development of standard data quality metric categories, standard root cause categories, standard set of data governance criteria and standard set of business rules for both reference and transactional data attributes.