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

Recognizing the Importance of Data Integrity in Finance

Imagine if everyone online suddenly started complaining on social media that their bank savings accounts had unauthorized deductions. This is exactly what happened when thousands of customers of one of the major banks in Southeast Asia discovered that their account balances ended up negative due to duplicate transactions! This led to customers feeling anxious while reports of this data integrity issue went viral online. How would you feel if your hard-earned money suddenly disappeared overnight due to a data integrity issue?

Maintaining the integrity, accuracy, and reliability of financial data is key to the success of any organization. Data integrity plays a crucial role in finance, as business owners and decision-makers utilize financial and operational data in making long-term business decisions. If you’ve been working as a finance professional for a long time, you probably know by now that data integrity management plays a significant role in helping ensure compliance and avoiding significant financial penalties. Understanding the relevant concepts and strategies is the first step for every professional trying to master the art of financial data integrity management. In this introductory chapter, we will examine the importance of data integrity in finance and demystify various key concepts relevant to the succeeding chapters of this book.

That said, we will cover the following:

  • Understanding the impact of data integrity issues in finance
  • A quick tour of concepts relevant to data integrity management
  • Debunking the myths and misconceptions surrounding finance data integrity management

With these in mind, let’s get started!