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

Understanding the major causes of fraud

Based on interviews conducted by a newspaper (specifics withheld for anonymity), the GST fraud that was promoted on TikTok was very simple to execute. All that the person needed to do was to apply for a business number, lodge the claim on the government website or app, and submit it to get the GST refund after a specified number of days. What made matters worse was that a number of social influencers on TikTok made people believe that it was okay, saying that it was a temporary loan.

The use of social media aggravated the situation and more than 50,000 people in that country took advantage of the weakness in the government agency's platform. As a result of these fraudulent claims, more than a billion US dollars were paid out (converted using today's exchange rate). The expectation was for people to submit a claim for their business expenses and be reimbursed for the allowable limit of the GST to help businesses with their cash flow...