FBK Offers New Service for Credit Institutions — Independent Data Quality Assessment in Information Systems

Poor data quality in information systems can lead to financial losses, reduced productivity, and disrupted stability of critical processes. Therefore, data quality is given special attention in the regulatory requirements of the Bank of Russia for credit institutions, “a credit institution should conduct an independent assessment of data quality in information systems that support critical processes at least once a year” (paragraph 8.7.6 of the Bank of Russia’s Regulation No. 716-P “On Requirements for Operational Risk Management in Credit Institutions and Banking Groups” dated 08 April 2020).

Being aware of the importance of information processes in credit institutions, FBK has developed a new service for experts to conduct an independent data quality assessment for compliance with the Bank of Russia’s requirements.

Maya Savitskaya, Manager, Department of Assurance and Advisory to Financial Institutions,

“To provide this new service our experts assess data quality in information systems using 7 basic characteristics proposed by the Bank of Russia, including accuracy and reliability of information, its completeness and relevance, as well as accessibility, controllability and recoverability. We prepare a report for a credit institution with findings from the assessment of data quality management procedures in information systems that support critical processes, as well as recommendations for improving information system risk management, which will allow the institution to be more compliant with the requirements of the Bank of Russia's Regulation No. 716-P.”