Achieving a Robust Data Analytics Program Guide

‘‘Data analysis’’ is defined as the extraction of data from a company’s information system in order to perform data selection, classification, ordering, filtering, translation and other functions to provide meaningful information about business processes. Using data analytics in a strategic manner can transform a flood of data into profitable information and facilitate risk identification, measurement and profiling.

Common pitfalls of data analytics include: systems are not well-understood, which means IT does not have the ability to retrieve the data required; information cannot be captured in a manageable format; and internal audit processes can’t support the time required to perform analytics. This tool can be used as a guide for measuring and improving an organization’s data analytics program.