Book Image

Managing Data Integrity for Finance

By : Jane Sarah Lat
Book Image

Managing Data Integrity for Finance

By: Jane Sarah Lat

Overview of this book

Data integrity management plays a critical role in the success and effectiveness of organizations trying to use financial and operational data to make business decisions. Unfortunately, there is a big gap between the analysis and management of finance data along with the proper implementation of complex data systems across various organizations. The first part of this book covers the important concepts for data quality and data integrity relevant to finance, data, and tech professionals. The second part then focuses on having you use several data tools and platforms to manage and resolve data integrity issues on financial data. The last part of this the book covers intermediate and advanced solutions, including managed cloud-based ledger databases, database locks, and artificial intelligence, to manage the integrity of financial data in systems and databases. After finishing this hands-on book, you will be able to solve various data integrity issues experienced by organizations globally.
Table of Contents (16 chapters)
1
Part 1: Foundational Concepts for Data Quality and Data Integrity for Finance
5
Part 2: Pragmatic Solutions to Manage Financial Data Quality and Data Integrity
10
Part 3: Modern Strategies to Manage the Data Integrity of Finance Systems

Reviewing how database locks prevent financial transaction integrity issues

Database locks are essential for maintaining the integrity of financial transactions. They play a critical role in preventing conflicts and ensuring that concurrent access to data remains consistent. By controlling the simultaneous modification of shared resources, such as records or tables, locks ensure that transactions have exclusive access to the records they need (and ensure that the numbers add up correctly!). This helps maintain the accuracy and reliability of financial data by preventing data inconsistencies and conflicts.

Let’s go back to the table we created earlier, as shown in Figure 8.26. For instance, we need to update the price of the ticket for Conference X and add $10. A price increase of $10 is added depending on the demand:

Figure 8.26 – Current ticket prices

Figure 8.26 – Current ticket prices

If only one person is making the change to the database, there would be no problem....