Data matching and data quality services provider debuts DQ Metrics, an application for reviewing compliance of firms’ data operations
Drawing on its experience in matching and data quality, Datactics has launched DQ Metrics, a browser-based application that allows users to review, measure and report on their regulatory data compliance.
The company’s Belfast-based CEO, Stuart Harvey, says market participants have to profile and measure data quality in order to bring together scattered pieces of information to meet risk aggregation metrics under regulations such as BCBS 239. Datactics has also recently updated its FlowDesigner platform to identify and profile transaction and counterparty data for compliance with such standards as the Markets in Financial Instruments Directive (MiFID) and legal entity identifiers.
Harvey explains the philosophy behind DQ Metrics: “Part of this new product came from and plays into our strengths of being able to process large volumes of data rapidly. People have been building quality metrics solutions for some time, but this is more of a continuous approach than a ‘snapshot’. DQ Metrics is about getting the data in line with the business process and monitoring it on a daily, or at least periodic, basis rather than just sampling it.
“This allows you to identify the cause of any failures and then see tomorrow or next week whether it’s still broken,” he adds.
Harvey says FlowDesigner provides the basis for DQ Metrics. The new product “takes a set of rules for a certain regulation and applies these rules to underlying datasets. Perhaps these are siloed in multiple datasets. We apply the rules against the underlying data and give it a score,” he says.