Q2010 Helsinki May 4-6, 2010 Mohammed El Qorchi Advancing Transparency on Data Quality: The Case of the IMF’s Special Data Dissemination Standard Q2010 Helsinki May 4-6, 2010 Mohammed El Qorchi

I. Introduction Promoting data quality transparency through its Data Dissemination Initiatives. Integration of the DQAF with the SDDS and GDDS Recent changes in the quality dimension of the SDDS during the Seventh Review : December 2008. Future trends and directions for data quality in the Fund’s Data Dissemination Initiatives.

II. The Fund’s Data Dissemination Initiatives and the Quality Dimension The quality of the disseminated data is one of the four dimensions of data dissemination The other three dimensions are: i) data coverage, periodicity, and timeliness; ii) access by the public, and iii) integrity of the disseminated data.

III. Integrating the SDDS and GDDS with the DQAF The DQAF was developed to address the IMF's interest in data quality discussion of the Progress Report on the Provision of Information to the Fund for Surveillance. The DQAF a structure for assessing data quality by comparing a country’s statistical practices with best practices, including internationally accepted methodologies.

III. Integrating the SDDS and GDDS with the DQAF is the outcome of an intensive consultation with national and international statistical authorities and data users inside and outside the Fund. focuses on the quality-related features of governance of statistical systems, core statistical processes, and statistical products.

III. Integrating the SDDS and GDDS with the DQAF Under the DQAF, assessments have a six-part structure: starting with a review of the legal and institutional environment (prerequisites of quality) and followed by an analysis of five dimensions of quality. They are: (i) assurances of integrity, (ii) methodological soundness; (iii) accuracy and reliability; (iv) serviceability; and (v) accessibility.

III. Integrating the SDDS and GDDS with the DQAF Implications of integrating the DQAF into the SDDS and the GDDS for the effectiveness of statistical surveillance: i) SDDS and GDDS more effective in promoting the dissemination of quality information. ii) it also links SDDS and GDDS metadata with the country’s Data ROSC

IV. Recent Changes in the Quality Dimension of the SDDS SDDS subscribers make it more explicit in their metadata how their statistical practices relate to internationally accepted statistical methodologies. SDDS metadata is certified on a regular basis by subscribers who confirm its accuracy.

IV. Recent Changes in the Quality Dimension of the SDDS Greater importance assigned to the adoption and implementation of internationally accepted statistical methodologies for the data categories covered by the SDDS. Subscribers required to cite these methodologies and indicate deviations from internationally accepted statistical methodologies.

IV. Recent Changes in the Quality Dimension of the SDDS SDDS subscribers encouraged to undertake a data quality assessment on a periodic basis: Data ROSCs that use the DQAF, or Eurostat, or ECB data quality monitoring frameworks.

IV. Recent Changes in the Quality Dimension of the SDDS Reassessments should take place at no more than seven-to-ten-year intervals. Assessments (and reassessments) by Fund staff, or by another subscriber or external agency to conduct a peer review exercise. By end-2008, 46 SDDS subscribers had undertaken and published a Data ROSC.

V. Future Trends The data quality dimension of the Fund’s Data Dissemination Initiatives continues to be the focus of current and future developments. IMF staff requested to address data gaps on an ongoing basis to help prevent the recurrence of similar crises in the future.

V. Future Trends The IMF, with the Financial Stability Board Secretariat, identified data gaps that masked key financial sector vulnerabilities in the run-up to the recent financial crisis such as (1) credit, liquidity, leverage, and solvency risks facing financial systems; (2) cross-border exposures; and (3) vulnerabilities facing domestic sectors and markets.

V. Future Trends In March 2010, the Executive Board agreed to start addressing data gaps in the context of the SDDS by: including seven financial soundness indicators (FSIs) into the SDDS on an “encouraged” basis; moving to quarterly reporting of the international investment position (IIP) data, with quarterly timeliness, on a “prescribed” basis after a four year transition period external debt by remaining maturity (on an “encouraged” basis)