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

Common myths and misconceptions about financial fraud

Understanding the myths and misconceptions surrounding financial fraud is critical for safeguarding assets and also for maintaining the integrity of financial reports. This section dives deep into common misconceptions and illustrates them with real-world examples and scenarios to give you a better understanding and awareness to counteract fraud effectively.

Myth 1—the impact of fraud is insignificant

The incorrect belief that financial fraud is immaterial or insignificant can lead to a complacent outlook toward financial monitoring and control. Such an attitude can set a bad starting point, allowing fraudulent activities to go unnoticed.

Note

For example, imagine yourself being a business owner who unfortunately overlooked minor discrepancies in the cash register only to discover months later that a significant sum had been embezzled by an employee over time! The accumulation of these small discrepancies would...