Data management is the process of controlling information. It can be challenging particularly when data is inconsistent, not timely, from various sources, produced under different jurisdictions, inconsistent and has different definitions and data dictionaries. How data is managed at OSIS depends on the types of data, how we are going to collect and store it, how it is to be used, etc. The entire data ‘value chain’ has to be strong to ensure that the end result is based on solid, accurate, complete originating data.
OSIS loan level data platform with automatically recalibrated models
The outcome of anything we do with data in the value chain has to be well managed. Managing data means organization of files and data for easier access and analysis. It supports decision making helping ensure accountability in data analysis. Effective data management practices include:
- Determining how data will be collected, mapped, stored and backed up
- Determining the method and how often it will be sent and updated
- Implementing the data management plan
- Deciding how data will be dealt with through each modification