Data is the basis of digital transformation, innovation, and improved business decisions. If the foundation is weak, the digital transformation process will inevitably collapse.
In this article at Forbes, Russ Banham explains that inaccurate or outdated information increases the risk of bad decisions. If the data is reliable or of poor quality, chances for optimal business decisions remain weak.
Robust Data Governance
To enhance accuracy, integrity, security, and data management, organizations must follow a set of guidelines. These guidelines must focus on data integrity and asset acquisition to drive improved decision-making.
However, data governance frameworks are not identical. So, audit executives must encourage organizations to build a robust governance framework. It must provide data transparency, accountability, and control.
The audit teams are efficient in understanding the clients’ strategic goals and complexities. They are aware of the governance challenges existing among multiple parties involved in the data exchange on a shared platform.
The intelligent technologies and digital data are the critical enablers of insightful decisions for an organization. But some CEOs or C-Suite executives distrust data accuracy. To create a practical governance framework and to build trust in data analytics, organizations must establish rules. They must use structured and unstructured data while integrating the algorithms to gain insights from the data repository.
In the fast-growing volumes of data engulfing organizations, it is challenging to determine the algorithm. However, the audit teams can help organizations ensure better data governance by evaluating the governance framework. With the rise of advanced technologies devised to get data insights and management, the audit teams can put themselves at a formidable spot to produce profitable outcomes. Click on the following link to read the original article: https://www.forbes.com/sites/insights-kpmg/2019/12/10/data-governance-is-risk-number-one/#bd5b03591c81