Organizations widely recognize that data is their single most valuable asset. The value of information comes from the business insights an organization can gain from analyzing the data and applying those insights to meet the market's needs. While the prospect of harnessing your company's data sounds exciting, many challenges can be overcome before reaching your goal. Ultimately, the path to successfully using your data for decision-making starts with proper data risk management. This article will demonstrate how audit leaders can use data auditing to address the most common challenges with data, establish a strong foundation for data risk management, and help organizations access the value of their data.
What is data auditing?
Data auditing, or data risk management, is a comprehensive assessment of all aspects of data gathering, storage, and usage, including internal data such as financial records and external data like customer and market trend information. Each of these areas includes risks to mitigate in a way that works for your organization.