If no proper definitions, tools and controls are in place, execution of such processes may result in distortions which would then lead to incorrect inferences about the data subject due to, for example, underestimation or overestimation of the data subject’s outstanding liabilities. Unique Customer Identification (UCI) across the banking system becomes of paramount importance.
Over the last 50 years, the share of value added from manufacturing in GDP shrank by more than half from 25 per cent to 11 per cent while the share of financial sector more than doubled from 3.6 per cent to 7.5 per cent.