Understanding Information Integrity Risk
A Critical Component of Information Risk
That Must Be Mitigated
to Assure
AccuracyJust about everything a company does is dependent to one degree
or another on information. Strategic management, sales, marketing, customer
care, manufacturing, distribution, investor relations, and regulatory compliance
all require the timely delivery of accurate information to internal and/or
external constituencies. This delivery is accomplished by information
supply chains that collect, transform, distribute, store, and audit information.
The consequences of problems in an information supply chain can be
substantial.
- If a company adds a single digit to the amount of a funds transfer, it may
lose tens of thousands of dollars.
- If a customer account balance is wrong, it can inflict long-term damage on
a company's reputation.
- If there is a flaw in the reconciliation of a corporate financial
statement, a company may face huge fines – and executives may face criminal
prosecution.
Worse yet, without adequate controls, errors in the information supply chain
may persist for an extended period of time without anyone at the company ever
being the wiser. So cash payments, customer interactions, and strategic
decisions can all be based on faulty information over and over again,
compounding the adverse consequences.
This is why all companies must take immediate and concrete steps to protect
the integrity of their information supply chains.
Learn More
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