Frank Fortunato, CEO, CATEX, talks about the implicit need for accuracy when handling data.
Dealing with data can come with two perils. First, once you receive it you had better ensure it is accurate before you use it. Nobody wants to base underwriting decisions on poor data. Second, you had better be very sure it is accurate before you send it to business partners for their underwriting decisions.
There are a lot of ways to share data. You can email uncleansed Excels around, leaving everyone in the same position of not really being confident in the data. You can consider some supposed market-wide ‘cyber bin’, which will compile vast amounts of uncleansed data, which can be accessed by you and your partners. Or you can squarely address the problem by cleansing and validating the data yourself, and provide that structured data with an audit certificate showing every data change to your partners.
Our clients address the data problem directly by obtaining accurate underwriting information and placing themselves as the control point in the flow of validated data to deal participants. Controlling the distribution of accurate data can mean controlling the deal.
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Frank Fortunato, CATEX, North America