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The Actuary The magazine of the Institute & Faculty of Actuaries
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Basel boosts IT spend

A study of 1,700+ banks from 63 countries, conducted by AIM Software, the Vienna University of Economics, and sponsored by Reuters, has revealed that improving data quality is regarded as a key issue for risk management – and that regulatory requirements including Basel II and Sarbanes-Oxley are driving substantial investments in IT.

The survey quizzed banks about 11 key topics involving reference data management and risk management and shows that financial institutions worldwide are making considerable efforts to deepen their data management and increase data quality.