Reviewing the relevant data quality metrics for financial data and transactions

In the previous section, we discussed the importance of understanding the impact of data integrity. In this section, we will cover the different data quality metrics that we will use later in our scorecards.

While data quality and data integrity are closely related concepts in the field of data management, they each focus on different aspects of how data is maintained and utilized within an organization.

Note

To help explain the difference between data integrity and data quality, imagine a shipping company that needs to deliver packages to a particular address. To get the package where it needs to be, the company has to ensure that the parcel is sealed properly and remains intact during transit. Not only that, it also has to guarantee that it is delivered in a timely manner to the correct address and that it fits the customer’s expectations. Connecting this with the concepts of data integrity...