With today’s rules necessitating the implementation of robust control frameworks, it’s vital for firms to have the proper reporting mechanisms in place as well as ensure that they are being governed by robust control points. Since accurate data is key to accurate reporting, those control points need to take into consideration the health of a firm’s data.

To ensure accurate, complete, and timely reports, it’s important for firms to have a strong data quality component as part of their control frameworks. Firms that fail to act on data validation and maintaining data accuracy face the risk of imposed fines and so it is crucial for firms to uphold a high regulatory reporting standard.

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