Data quality indicators (DQIs) are essential metrics that enable organizations to assess and enhance the quality of the data reported. By systematically monitoring the 19 Data Quality indicators published by ESMA, reporting entities can identify areas for improvement and ensure that their data is reliable.
DQIs ask six fundamental questions:
- Accuracy: Does the information reported reflect the data accurately?
- Completeness: Have all necessary data points been reported?
- Consistency: Is there uniformity across all datasets?
- Timeliness: Has the data been submitted within the relevant deadlines?
- Validity: Is the data reported in the proper format?
- Uniqueness: Has any duplicate data been reported?
By regularly addressing these questions, reporting entities can significantly enhance the quality of their reported data. This proactive approach not only improves data integrity but also helps prevent larger issues such as misbookings, incorrect reporting logic, inaccurate static data, incorrect pricing of transactions.
The table below provides an overview on the 19 data quality indicators and their methodology that are regularly calculated and monitored by ESMA. These indicators are calculated for each jurisdiction and distributed among the NCAs.