Data Quality Team – Value Proposition
Today it is hard to imagine being a multinational business without technology that helps you stay on top of your Global Entity Portfolio Management, particularly when it comes to data management. Keeping track of various corporate records, such as global annual compliance calendar, management elections, or ownership changes is a fundamental necessity. However, it is equally essential that a well-organized process is in place in order to maintain entity data.
The latter may seem to be a straightforward process, but it becomes cumbersome and time consuming when we take into account the volume of entity data that needs to be maintained within a reasonable timeframe. How then do you achieve the goal of having an accurate entity data maintenance following a recently completed corporate change?
Distinction of Responsibilities: Legal Team vs. Data Quality Team
The events of the last two years have forced many businesses to review and change the way they operate. However, one thing that hasn’t changed is the expectation that all existing company’s resources still function in the most efficient way possible. The proper distribution of resources for entity data management is not an exception: we all expect a seamless and most preferably centralized supervision by a responsible professional, as well as, quality delivery and service.
So who should be responsible for the maintenance of entity data? Is it the legal team or should an external source be involved?
Having a separate team dedicated to maintain entity data brings fundamental benefits – it improves the efficiency and creates higher quality. To be more specific:
- Legal Team – instead of entering data, its main focus is to concentrate on client service in terms of various corporate activity and changes and to stay on top of corporate data as a data manager.
- Data Quality Team – this team takes the role of a data input-administrator and is a separate dedicated resource, whose responsibility is to focus on data integrity and quality in the relevant Entity Management System.
At Mercator we have a dedicated Data Quality Team who play a vital role in ensuring that documentation and information of the legal entities – serviced by our Legal Teams – are well-maintained and kept up-to-date on various Entity Management Systems. Operating more than five years now, the Data Quality Team have been instrumental in achieving greater efficiencies by: increasing turnaround of corporate governance services; ensuring effective integration of corporate data and documents; and enabling direct communication for technical problem solving.
The Data Quality Team acts as a central communication point to receive and record data for entities around the globe. Separating the functions of the Legal Team (i.e. the data manager) and the Data Quality Team (i.e. the data input-administrator) has allowed us not only to increase efficiency, but also provide a centralized model of data maintenance for clients and expand our range of functions such as data customization, data cleansing and migration, data validation, customized reporting solutions, creation of records and navigation training, amongst others.
Quality comes with experience and proper supervision. Having a team that is focused on data maintenance and familiar with best practices across various Entity Management Systems is essential. Dynamic interaction within the team ensures knowledge retention and sharing, that ultimately leads to a higher quality data maintenance.
As to supervision – naturally it minimizes the risk of discrepancies made by human error and enhances the quality of data. Hence, a proper implementation of the ‘4-eyes principle’ – requiring two individuals to approve the same action before it can be taken – has to be in place.
Our Data Quality Team has extensive experience and is well-trained in utilizing systems efficiently and to the highest quality standards. Collected knowledge and well-organized supervision ensures that all data held in our clients’ entity management systems is maintained accurately and also supports clients in understanding and use of these systems.
The saying “two heads are better than one” implies that there are additional benefits to combining the efforts and experiences of two individuals (or teams in this case) instead of one. Both the Legal Team and Data Quality Team work towards a common goal for which they are mutually accountable.
Entity data management might seem a straightforward process, but it requires regular maintenance and attention. Therefore, it is a necessity to have dedicated resources constantly taking care of Entity Management Systems in order to keep data in line with recently completed corporate changes. A clear distinction of responsibilities shows the relevant benefits – efficient and high quality client service.
Knowledge Integration Manager, Mercator by Citco, Citco Mercator, UAB