Reference Data Management: A Cornerstone of Financial Data Integrity

Abstract

Reference data management plays a crucial role in ensuring the integrity and accuracy of financial data in the banking and finance sector. This paper examines the significance of reference data management as a cornerstone of maintaining data integrity within financial institutions. It discusses the challenges faced by organizations in managing reference data effectively and explores strategies for implementing robust reference data management frameworks. By addressing these challenges and implementing best practices in reference data management, financial institutions can enhance data accuracy, improve regulatory compliance, and mitigate operational risks.