FRM reports have only been around for 3 or 4 years. Before that, it was just FIS, DSATs and Internal checking. What in particular do you want from the FRM reports that you can’t get by one of those methods? I know there are some reports that we can’t get elsewhere, especially those that compare our data with other providers’. We have a piece of Software from Drake Lane called SCORE. That does some of the cross year checking that the FRM reports do. I don’t think it’s very expensive.
Thanks Ruth, yes your right regarding the data being available internally along with DSAT’s
I like to confirm accuracy on the FRM to back up my internal checks especially as providers are monitored against FRM data. I will certainly have a look into the software that you have recommended 🙂
The more checks the better! 🙂 I feel like that’s all my team do. You mentioned loans, and there’s no other way of checking that without the FRM reports. We always end up with some odd ones on there at R04.
Yes, that monitoring against FRM was new last year, and caused me a lot of grief. I had really good reasons why the records were as they were, but I had to spend ages writing up explanations.