Recognizing the Importance of Data Integrity in Finance
Imagine if everyone online suddenly started complaining on social media that their bank savings accounts had unauthorized deductions. This is exactly what happened when thousands of customers of one of the major banks in Southeast Asia discovered that their account balances ended up negative due to duplicate transactions! This led to customers feeling anxious while reports of this data integrity issue went viral online. How would you feel if your hard-earned money suddenly disappeared overnight due to a data integrity issue?
Maintaining the integrity, accuracy, and reliability of financial data is key to the success of any organization. Data integrity plays a crucial role in finance, as business owners and decision-makers utilize financial and operational data in making long-term business decisions. If you’ve been working as a finance professional for a long time, you probably know by now that data integrity management plays a significant role in helping ensure compliance and avoiding significant financial penalties. Understanding the relevant concepts and strategies is the first step for every professional trying to master the art of financial data integrity management. In this introductory chapter, we will examine the importance of data integrity in finance and demystify various key concepts relevant to the succeeding chapters of this book.
That said, we will cover the following:
- Understanding the impact of data integrity issues in finance
- A quick tour of concepts relevant to data integrity management
- Debunking the myths and misconceptions surrounding finance data integrity management
With these in mind, let’s get started!
