Data Quality's Role in Regulatory Compliance

Maintaining high data quality is essential for regulatory compliance, as it ensures accurate reporting and prevents costly fines and reputational damage. Key components of data quality include completeness, consistency, accuracy, and timeliness. To ensure data quality for regulatory compliance, organizations should assess current data quality, implement data quality rules and policies, monitor and maintain data quality, and issue identification, root-cause analysis, recommendations and remediation, and issue resolution. Challenges in maintaining data quality include evolving regulations, managing large data volumes, technological advances, shortage of expertise, high costs, cross-border data transfers, data mapping difficulties, third-party compliance, risk of data breaches, and outdated systems. Achieving regulatory compliance through robust data quality practices involves utilizing advanced tools like the Acceldata Observability Platform and adhering to industry best practices.