Inaccessible Data Creates Titanic Disaster
What most of us would think is just an ordinary key could have been the one thing that could have saved the Titanic from disaster. This particular key is thought to have unlocked the locker that contained the crow's nest binoculars, vital in detecting threats to the ship lurking in the sea. Tragically for the Titanic, the key's owner, Second Officer David Blair, was removed from the crew at the last minute and in his haste forgot to hand it to his replacement. Without access to the binoculars, the lookouts in the crow's nest were forced to rely on their eyes and only saw the iceberg when it was too late to act.
Sometimes it is the smallest things that can cause the biggest issues. In fact, I am sure that managing archive data or the influx of data that comes when two institutions combine isn’t at the forefront of your mind. In fact, these data issues usually arise towards the end of the process and are either left to the core vendor to handle or simply ignored and the legacy data is left in the legacy systems. Options that create unexpected cost, disruption to workflow and heightened risk for your financial institution.