Data Quality in Financial Services: Implementing BCBS 239 and the RDARR Guide

Financial institutions are transitioning from the high-level principles of BCBS 239 to the more concrete operational requirements outlined in the ECB's RDARR Guide, emphasizing the need for robust data quality controls across the entire data lifecycle. This shift demands that banks implement comprehensive data monitoring and governance mechanisms, transforming data quality into a strategic capability that involves business ownership, issue management, and executive-level reporting. Soda, a modern data quality platform, addresses these challenges by enabling automated data observability, auditability through data contracts, and integrated issue management, facilitating compliance with evolving regulatory expectations. Institutions face the "make versus buy" decision when integrating these capabilities, weighing the benefits of existing systems against the scalability and standardization offered by platform-based solutions like Soda. By effectively managing data quality, organizations can not only achieve regulatory compliance but also build a reliable data foundation for future initiatives.