Session Outline
High-quality data are the precondition for analyzing and using financial data and for guaranteeing the value of the data during financial close. With rampant growth in data volumes, more complex reporting requirements and increasingly diverse data sources, there is a palpable sense that some data may be eluding everyday data governance and control. Financial data recently finds a surprisingly high level of data errors in the record-to-report (R2R) process, which affects the agility of reporting, contributes to the operational overload during the period end (“Month-End Close”) and, in some cases, presents a significant risk of material misstatements in reporting. In a fast-changing environment in which reporting agility is crucial, these data errors contribute significantly to the month-end peak suffered by most of the organizations. These errors are majorly introduced due to the over-reliance on manual data entry into spreadsheet templates. One reason is that the degree of validation and “reasonableness” checks that can be built into disconnected spreadsheets is severely limited and, to the extent that financial controls exist, they are largely manual.
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