n-Tier Founder and CEO Peter Gargone recently spoke with Max Bowie of WatersTechnology.com to discuss the data challenges firms must contend with to satisfy regulatory reporting requirements.
“Resubmission efforts tend to involve lawyers. These get very time- and resource-intensive, so they can become quite expensive,” says Gargone, who estimates that correcting data issues after discovering errors—or after regulators discover errors—costs five times as much as the cost of getting it right in the first place.
“If you just correct the problem one time and don’t change the processes that produced the error, you’re still in the same position,” he says. And that means the same risks exist, and the potential for penalties also still exists.