What’s with the financial industry’s plumbing problem?
A. While it starts out about faulty data and multiple identifiers for financial products and business entities in the financial supply chain, it’s more about risk, actually the contagion of systemic risk that nearly collapsed our global economies. And it’s about not being able to see these risks before they explode. It’s about governments, regulators and financial institutions not having standardized identifiers and associated reference data that impact their ability to aggregate risk information to see such contagion building up. It’s about correcting such faulty reference data before another life threatening financial crisis occur.
