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 contains two sample guidance documents that can be used for measuring and improving an organization’s data analytics program.