In financial crime prevention, data quality can be a limiting factor in any financial institution’s ability to detect and/or take action on financial crime activity. Many filtering systems deploy fuzzy matching to help mitigate data quality issues, but, in many cases, this can only compensate for limited and specific issues. Typically, the financial crime compliance officer will never be the owner of data, but he/she will be required to own and address any screening deficiencies that are a result of poor data quality. For this reason, compliance organizations must take action to identify data quality issues that impact their ability to detect money laundering and/or sanctions circumvention activity. SQA America’s Data Quality Assessments that heavily leverage the SQA Profiler are the solution to that problem.
The SQA Profiler is a data profiling system that detects and reports data quality issues, especially those that pertain to potential financial crime vulnerabilities. The analysis performed by the SQA Profiler is based upon an entire data population rather than depending upon trend analysis that is derived from the collection of limited samples. In other words, rather than sampling data to look for trends, SQA Profiler examines every field in every record of an entire data set to find isolated items of disruptive data. The outcome of this type of data analysis translates into extremely high confidence levels that financial crime vulnerabilities can be detected and prevented.
The average laptop or desktop computer will be able to process a million records in minutes with the SQA Profiler, which mean that any size of file can be profiled/analyzed in a reasonable timescale. SQA Profiler can work with any kind of data in essentially any format.
After configuring the file format in the data profiler, which can be performed in seconds…
A profile can be created in HTML for users to view results through any browser.
Upon completion of any Data Quality Assessment, SQA America Consulting will provide the client with a comprehensive and detailed report that outlines all analysis performed, all observations raised and any recommendations for data remediation.