In many companies today, data is the foundation of their digital transformations. If this foundation is weak, the digital transformation may collapse paid KPMG_US
The integrity of a building rests on its foundation, which holds the structure upright and keeps it from collapsing. In many companies today, data is the foundation of their digital transformations, supporting ways to generate innovations, streamline operations, reduce costs and assist in better business decisions. If this foundation is weak, the digital transformation may collapse.
The solution is a robust data governance framework designed to enhance the accuracy, integration, access, security and management of data across the organization. The key word is “governance,” a set of guidelines focused on the integrity of data and how these assets are acquired, used and protected to help drive decisions that culminate in maximum competitive advantage.
Audit teams also are in a unique position to understand the complexities of clients’ strategic goals and operations, as well as their market, competitive and regulatory environments. And they’re cognizant of the governance challenges that can emerge when multiple parties are involved in the exchange of data on a shared platform, the case with manufacturing and health care supply chains.
Tomazin concurred: “Without a governance framework, something will go wrong at some point and expose the organization to unexpected business ramifications,” he explained. “Consequently, the first step in managing this risk is a candid assessment of the trustworthiness of the data to be digitized, stored and shared. The next step is to create a management and workforce culture that appreciates the importance of data integrity and that is well aware of its business value.
“When you boil it down, what audit teams do in its simplest form is risk assessment and response,” Tomazin said. “Through our evaluation of internal controls and the substantive test work we perform, our job is to independently corroborate management’s assertions and identify material misstatements that that may exist in the financial statements and underlying data.”
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