IT contractors play a key role in the accuracy of the decisions financial services companies make, according to the International Association for Information and Data Quality (IAIDQ).

The quality of the data that a company has is essential for making informed decisions, claims the IAIDQ.

Ensuring the accuracy of the information is down to the method of data storage and the successful integration of data from various sources, using systems set up by IT professionals, the IAIDQ explained.

According to Daragh O Brien, former director of publicity and member of the IAIDQ, data is the "mission critical" asset for financial companies, so it must be protected.

"One of the things which helped trigger the financial crisis was a lack of transparency about how information was being managed, processed and packaged, which made it hard for everyone involved to make accurately informed decisions on risk," he added.

A recent survey from business applications provider Sterling Commerce found that approximately half of insurers are facing problems with integration of data.