Data Governance and Management

Data governance and management

Data is the lifeblood of any organisation and should be considered as an asset. Several studies have shown that successful organisations invest in developing their capacities to use and analyse the huge amount of data they store in their systems. Today, effective and consistent data collection, maintenance, manipulation, analysis and reporting are among the key success factors for every organisation.

Having the right data in the right format at the right place and at the right time to meet your business needs, to take the right decisions and to ensure compliance with the different regulations becomes very challenging. The multiple requirements, should be addressed in a structured way to maximise investment benefits, with the ultimate goal of knowing you have the proper data to cater to your needs with an adequate level of protection.

Your challenges

Here are some of the challenges you might face:

  • Too many sources of information and too many versions of the truth;
  • Historical and current data might be read differently;
  • Data duplication and inaccuracies leading to poor business decisions;
  • Absence of visibility and confidence over transactions processed by the systems;
  • Inability to confirm that existing controls work properly;
  • Unidentified fraudulent or erroneous activities;
  • Missed revenue and overstated costs attributed to compromised data;
  • Repetitive processes or poor data conversion due to inadequate system conversions or implementations;
  • Lack of drill-down and data analysis capabilities allowing the identification of trends and performing forecasts;
  • Difficulties in achieving regulatory compliance or performing fraud or litigation analysis.

How we can help

Data Governance and Data Quality

Our experienced Data Management experts provide customised solutions to help you:

  • Understand your key processes and controls and identify the underlying reporting and data requirements;
  • Achieve regulatory compliance (e.g. SOX, Solvency II, Basel III, CRD IV, FATCA, etc.);
  • Make sure that your system and/or process works effectively by reviewing the underlying data and ensuring that it is fit to serve its purpose before any management analysis and reporting;
  • Improve data quality and integrity and develop a plan that ensures the sustainability of your organisation’s data quality;
  • Map data responsibilities within your organisation and establish an organisation-wide data accountability programme;
  • Identify inefficient, duplicate and redundant business processes resulting from poor data management and control;
  • Design auditable and supportable solutions to analyse and aggregate data from different sources to assist you in providing information previously hidden from decision makers;
  • Assess and categorise the value of your data to understand how it can be used strategically to achieve your business objectives and improve your overall business performance;
  • Cleanse and migrate accurate and complete data during system implementations;
  • Support fraud or litigation analysis through the provision of well controlled data and reporting.

Spreadsheets Management (End User Computing)

Organisations often use End User Computing (EUC) for financially and operationally significant processes to help them with complex calculations or reporting.

Our Data Management experts can help you:

  • Develop an EUC identification plan to determine the best EUC applications for your company and their purposes;
  • Assess the current level of controls and develop a remediation plan to address control deficiencies;
  • Establish governance over EUC and incorporate the EUC control framework within your business routine.

Computer Assisted Audit Techniques (CAATs) & Continuous Monitoring

Technology is an important enabler of the Internal Audit function. It helps improve the audit quality and increase auditors’ efficiency and effectiveness.

CAATs provide a means of viewing large amounts of data in a format that can provide transparency not attainable through other auditing procedures. CAATs increase audit effectiveness, improve efficiencies and decrease audit risk.

Our Data Management experts can help internal audit departments build CAATs competencies by:

  • Identifying the required skills and the needed tools to perform CAATs;
  • Defining and implementing CAATs procedures to build the basis for continuous monitoring;
  • Providing training on CAATs tools and methodologies.

Where is my Cash?

Duplicate payments, unclaimed credits, VAT and corporate tax, as well as supplier overpayments are just a few of the operational oversights that may lead to heavy cash losses. Major corporate changes, including mergers and acquisitions, new system implementations and reorganisations associated with the current financial turmoil and cost cutting increase both the risk and the amount of losses.

By using PwC's Cashfinder™ and additional automated software techniques, our team can help you:

  • Get cash back by identifying, quantifying and recovering duplicate payments; tax overpayments; unclaimed credits, discounts and rebates; mispriced telecoms/utility costs; contract price errors; and uncollected debt.
  • Undertake a supplier-spend analysis to rationalise supplier lists and take advantage of negotiations to improve supplier contracts and lower procurement costs.
  • Find tax underpayments before the authorities do…and in doing so help reduce penalty and interest exposure.
  • Rapidly identify transactional fraud indicators thanks to our industry fraud indicators database.
  • Get rid of redundant controls and/or optimise existing controls.
  • Implement continuous real-time monitoring of key business performance indicators and controls, both financial and operational.

Personal Data Protection

Existing privacy regulations emphasise the importance of adequately handling personal data. With the recent regulatory changes aiming at harmonising the regulation across the EU, new constraints and considerations will be introduced and will constitute a new challenge.

Our Data Management experts can help you:

  • Identify the laws and regulations that are applicable to your organisation;
  • Identify the personal data you are collecting and their location within your systems;
  • Define responsibility and accountability within your organisation;
  • Implement the policies and procedures for managing personal data;
  • Implement the needed controls to ensure personal data protection;
  • Train the Data Protection Officer (DPO) and inform the employees of their rights and obligations.

Data Loss Prevention (DLP)

The number of data security threats is constantly increasing, which exposes organisations to legal, operational and reputational risks. Complying with regulations and securing sensitive information across the data life cycle can be challenging.

Our Data Management and data security experts can help you:

  • Build a Data Loss Prevention strategy to implement controls and protective measures throughout the data lifecycle;
  • Identify data owners and assign roles and responsibilities for handling and protecting your sensitive data;
  • Establish a data classification policy and schema that allows for the identification of sensitive data, their locations and the needed protective measures to be implemented for each classification category;
  • Conduct a data protection assessment to analyse the existing technology and control gaps;
  • Choose the right DLP solution and accompany you during its implementation to ensure that the solution will provide the greatest coverage with the least amount of internal disruption.