Our approach is explained in the Cost-benefit analysis of monetary and financial statistics (2006). We wanted to create more considered assessments but had to balance that with the reporter’s compliance costs. In 2005-06 we looked at the balance of costs between reviewing existing statistical outputs regularly and assessing new statistics. The Data Quality Framework (2014) describes how we interprets statistical data quality concepts in our published statistics. Data Quality Frameworkĭefinitions of statistical data quality are maintained by international bodies such as the International Monetary Fund, the United Nations Economic Commission for Europe and the European Statistical System. These standards are similar to the ones used by the UK Statistics Authority. The Statistical Code of Practice sets out our standards for the collection, compilation and dissemination of monetary, financial and regulatory data.
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