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

Summary

In this chapter, we discussed why we need to measure the impact of data integrity issues and learned that these can have direct costs, indirect costs, and even lead to lost opportunities for the business. We then reviewed the relevant data quality metrics for financial data and transactions. We covered the KPIs of completeness, accuracy, consistency, timeliness, and validity, which serve as the criteria for measuring data quality. We then discussed data profiling using a data quality framework, which is a crucial step in determining the quality of data. After that, we prepared sample data quality scorecards using Microsoft Excel and Google Sheets, and discussed functionalities to improve data quality and integrity. Both these tools offer a range of features to address data quality and data integrity.

In the next chapter, we will cover the common data quality management capabilities of business intelligence tools, as well as learn how these tools can be used to manage data...