Datactics has extended its FlowDesigner platform to offer DQ Metrics, a monitoring and measurement application that allows financial institutions to measure their data compliance against regulations and industry standards on a continuous basis.
The company’s initial release of DQ Metrics covers entity identifiers, particularly LEIs required by MiFID II and EMIR, and GIIN numbers required by FATCA. It also incorporates data quality dimensions such as accuracy, timeliness and completeness that are specified in the Enterprise Data Management Council’s Data Capability Assessment Model, although as a rules and data agnostic solution it can import rules from any rules repository, data dictionary or data governance system.
Similarly, data quality and compliance rules can be built by data managers and applied to compliance processes and operational practices, allowing firms to add rules to Data Quality Metrics as they are issued by regulators.
The solution’s ability to handle large volumes of reference data in real time to provide continuous data quality measurement, rather than support for traditional data sampling, is based on the in-memory processing and streaming data technologies inherent to FlowDesigner. Data input to DQ Metrics can come from many data silos, while the output of data quality measurements is graphically presented on the DQ Metrics dashboard. This allows users to view an overall data quality score, data quality relevant to particular regulations and the data quality of data dimensions.