Financial services firms have been advised to formulate broad strategies for ensuring the quality of their data, which could lead to job roles for IT contractors.

Looking closely at the root causes of the global credit crisis, it is evident that companies were making decisions based or inaccurate, incomplete or even missing data, according to the International Association for Information and Data Quality (IAIDQ).

The supply of the good quality data is essential to operate adequate risk management strategies, according to Daragh O Brien, a member of the IAIDQ.

"If operations where simplified and an enterprise-wide approach to managing critical information assets were implemented we would see increased transparency," he said.

This would, in turn, lead to more timely and accurate information being available, Mr O Brien concluded.

According to a recent survey conducted by research firm Lupus and published by Thomson Reuters, 87 per cent of firms see the consolidation of fragmented IT systems as a priority action.