The current landscape for data acquisition, storage, analytics and the need for business understanding is growing and evolving at a rapid pace. To keep up, a Proactive Data Quality Audit (PDQA) should become part of the “everyday business” mindset. PDQAs ensure compliance with all types of regulatory measures set in place and reduce the amount of time and effort required to implement enhancements or optimize solutions.
Resolving Data Quality concerns that reach past the point of prolonged issue, or when an actual audit is required, leads to C.A.R.L.:
- Costly solutions
- Additional errors
- Regulatory sanctions
- Lengthy unplanned resource allocation
A Data Quality Audit (DQA) can follow years of postponed business decisions, lax compliance, cost savings measures, or even reprioritized initiatives. A Reactive Data Quality Audit (RDQA) is always more costly, more damaging, and requires a wider breadth of due diligence compared to a PDQA. Reason being, the absence of proper data management requires a further in-depth audit to ensure other practices, regulations, etc. have not been missed or knowingly not implemented or enhanced.
While performing a Proactive Data Quality Audit you have the opportunity to:
- Better understand your data
- Optimize your processes and methodologies
- Normalize data and documentation
- Uncover suspicious data integrity issues (before they become a problem)
- Tactically ideate new ways to implement future solutions
For instance, in the case of Anti-Money Laundering, banks should perform PDQAs to ensure they are meeting current regulatory guidelines and performing the necessary Look-Back analysis to understand Suspicious activity, Customer Risk and to Know-Your-Customer (KYC).
Also, in Pharmaceutical Marketing, marketers should be performing PDQAs to ensure their data meets regulatory requirements, industry standards for messaging and safeguarding against mislabeling of dosage amount or instructions. By doing so, the consumer’s health remains protected, the businesses reputation remains untarnished and the FDA will have less reasons to perform an audit.
Further, in Information Technology, organizations should be performing PDQAs to ensure data integrations between groups/organizations, short-sided business decisions, and lacking policies and procedures are not creating incorrect practices, which can cripple future development and business growth or understanding. By performing PDQAs, processes of conducting IT become more efficient and reduce the number of times when documentation, business rules and understanding becomes outdated.
Not only do PDQAs increase compliance and optimization of processes, but they enable the recognition of data issues before a problem arises. Performing PDQAs is a sure fire way to mitigate the number of times C.A.R.L. is introduced into a conversation, assuredly saving time, effort, and money upfront.