Only a few decades ago, a megabyte of data was considered to be quite big. Nowadays, though, large corporates are dealing in terabytes (one million megabytes), upon terabytes. Google creates petabytes (1,000 terabytes) of data every day! Managing data effectively and securely is one of the most important challenges faced by big businesses today so data assurance is one of the most integral and exciting components of the technology assurance services
For many organizations, managing data quality seems like an overwhelming task. However, having accurate and business-ready data is critical to successful analytics - and avoiding the consequences of "bad" or "dirty" data.
If you feel like you don't trust your data, there's probably a good reason.
Data integrity is a key concern for all businesses.
Businesses and auditors constantly make decisions based on the data held within the IT systems. As systems become more complex and fundamental
to the operation and direction of the business, the importance of the underlying data and the information it generates has never been greater.
Organisations need to feel confident that the information can be relied upon to make decisions, highlight opportunities and identify risks.
It happens all the time; companies implement analytics, and then further customize their solutions, without ever auditing the implementation to ensure ongoing data accuracy. This leads to variable inaccuracies, gaps in tracking, and even worse - information that's simply missing. The whole point of data is to provide reliable information on which you can base crucial business decisions. Inaccurate data can lead you down the wrong path, costing you additional resources to reverse bad decisions that could have been avoided.
Data analysis is the combination of skills and tools that enables compliance personnel and internal auditors to gain insight into business processes and transactions. Data analysis is useful in audit planning, performance, and reporting. In the planning process, it can provide an in-depth insight into trends and attributes of the population not found through traditional audit approaches by looking at 100% of the data, rather than just a representative sample.
Data analysis also provides valuable insights to business leaders outside of the audit process by consolidating and linking decentralized data from different systems into a single analysis. This analysis provides management insights into transactions, as well as customer, employee and vendor relationships, which they can use to proactively monitor risks across business operations and support benchmarking across functions.
Data Protection, Security & Regulation
It is of paramount importance that your data is protected against unauthorised access, whether accidental or deliberate as your Data is not only a
valuable asset to you; it is also valuable to your customers, competitors & criminals. Moreover, personal data is increasingly regulated with severe
penalties and reputational damage being incurred in the event of a data breach and increasingly. This threat also increases as businesses continue to
move to data being stored off premise in data centres and the cloud.
Our assurance frameworks provide a platform on which we assess your current data protection and security provisions and provide advice on best practice to give you piece of mind. We can also advise on current and future regulations, such as the European Data Protection Directive that is significantly raising the levels of responsibility attributable to handling data with correspondingly punishing penalties of up to GBP 100m or 5% of gross revenue available as a sanction.
Adan Corporate's services include:
A risk management strategy provides a structured and coherent approach to identifying, assessing and managing risk or uncertainties followed up by minimizing, monitoring and controlling the impact of risk realities or enhancing the opportunity potential by applying coordinated and economical resources.
Our experts partner with clients on corporate planning, providing perspective not only on immediate value and impact, but on long-term implications. We work closely with management and other advisers to leverage and complement their knowledge and ensure maximum impact, and actively support implementation and skill building.
