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

Why measure the impact of data integrity issues?

The impact of data integrity issues can have direct cost implications, indirect costs, and even lost opportunities for the business. Data integrity issues, especially in transaction data, may lead to direct costs to the business such as the cost of correcting errors, reworking processes, and potential regulatory penalties. The related costs given their nature could be quite significant.

Costs can also be indirect, such as a decrease in productivity, lower customer satisfaction, and harm to a company’s reputation. These can be quite difficult to estimate; however, they can still have a substantial impact on the bottom line. Problems with data integrity may also lead to lost opportunities, such as declines in sales or missed investment opportunities. Though these are quite challenging to quantify, they can still have a notable impact on the business’s financial performance.

Now that we have covered the different types...