Mr. Cannon believes that those in the restaurant industry need to focus on managing their risks whenever possible, stating, “‘What-if’ situations are supposed to be thought out ahead of time. Having a ready response for virtually every conceivable situation helps enormously What if your staff didn’t lock the back door after dark? What if only one employee closed out the restaurant and left at 11 pm with the bank deposit? You can easily become ‘sitting ducks’ ripe for accidents, or worse.”
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This reduces the likelihood of downstream inconsistencies. For instance, if certain characteristics of the counterparty, instrument or client have changed, they will be immediately reflected in the risk data warehouse and the subsequent risk reports. The following are some of the areas where low quality reference data and poor reference data management can have a direct capital and cost impact on the business.
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