Data Curation: Ensuring Your Reconciliations Work Today and Remain Valuable Tomorrow
In the financial world, reconciliation processes often focus on resolving immediate discrepancies: checking that what is recorded in the systems matches what was actually collected or paid. However, this “day-to-day” approach overlooks a fundamental aspect: the quality and long-term validity of data.
Data curation—a concept originating in information management and academic research—proposes that data should not only be accurate in the present but also useful, accessible, and reliable in the future. Applying this logic to reconciliation is key to ensuring that financial information does not become a problem when it is needed for audits, historical reporting, or strategic decision-making.
What does data curation mean in reconciliation?
Data curation involves a set of practices aimed at keeping information clean, organized, and documented so that it retains its value over time. The University of California, San Diego (UCSD) defines it as “managing data to ensure they are fit for contemporary use and available for discovery and reuse. Archiving and preservation are subsets of the larger curation process.”
In reconciliation, this translates into ensuring that each reconciled record is complete, well-structured, and safeguarded in a way that it can be consulted months or even years later. It is not only about matching numbers but about guaranteeing that those results are traceable and understandable for auditors, regulators, or future generations of analysts within the company.
The risks of neglecting financial history
When there is no data curation process, problems arise quickly. Information gets scattered across different files, formats change over time, and records lose consistency. During an external audit, this lack of organization can lead to costly reprocessing, wasted time, and in some cases, regulatory penalties.
The IFRS Foundation sets out clear guidelines on how financial records must be documented and preserved to ensure transparency and comparability. If a company fails to protect its historical data, it risks falling short of these standards—affecting not only regulatory compliance but also the confidence of investors and stakeholders.
Another common risk is duplication or inconsistency. In a previous post on our blog, we highlighted how duplicated data represent a hidden cost that impacts both finances and operational efficiency. These problems are often exacerbated when there is no curation strategy to monitor the integrity of historical data.
Data curation: an investment that pays off over time
Adopting data curation in reconciliation should not be seen as an extra burden, but as an investment in resilience and trust. The benefits are clear:
Simpler, faster audits: information is ready and organized, avoiding reprocessing.
Lower regulatory risk: compliance with international and local standards is easier.
Operational efficiency: teams don’t waste time searching for or rebuilding historical information.
Strategic value: a CFO or controller with access to curated data can analyze trends, compare periods, and make decisions with greater certainty.
The University of California, Irvine (UCI) defines data curation as “the active management of data to maintain and extend its value over time, effectively organizing it for access and reuse.” In other words: without curation, data lose value; with curation, they become a strategic asset.
The strategic value of reliable processes
In an increasingly complex and regulated environment, trust in financial data is an intangible but essential asset. Organizations that adopt curation practices in their reconciliations not only comply with audits or regulations but also build a stronger and more transparent governance framework.
This allows them to project an image of professionalism and reliability to partners, regulators, and investors. Internally, it frees the finance team from repetitive tasks, enabling them to focus on what truly adds value: analysis, planning, and strategy.
If your reconciliation processes only solve today’s problems but leave questions for tomorrow, it’s time to take the next step. Request a demo of Conciliac EDM and discover how to ensure solid reconciliations today and curated data that retain their value tomorrow.
Sources
- Wikipedia – Data Curation
- University of California, San Diego – Data Curation
- University of California, Irvine – Data Curation
- IFRS Foundation – International Financial Reporting Standards
- Conciliac Blog – The hidden cost of duplicated data: the CDO’s perspective