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Data QualityData is a valuable business asset that can transform business performance. But many companies struggle to realize the true value of their data due to poor data quality. This not only affects analytics but also their compliance and operational business activities. A HBR Research report says, just 3% of the data in a business enterprise meets quality standards. A study from Gartner says poor data quality costs an average company $15 million a year. Overall, most organizations are plagued with poor data quality.
Our Data Quality Services include a set of tools, technologies, and processes designed to ensure that data is accurate, complete, consistent, and secure. The two key pillars or phases of our Data Quality Services are: Assessment and Remediation. We first assess or profile critical data elements pertaining to operations, regulations, and analytics and identify any inconsistencies, errors, or missing information. The next phase is to design and implement suitable remedial including governance and sustainment solutions based on proven best practices. This phase covers data cleansing and data enrichment. For more on our Data Quality Services, please refer to Dr. Southekal's best selling book - Data Quality: Empowering Businesses with Analytics and AI published by Wiley in Amazon.com.
Here is a more detailed description of our Data Quality Services:
Principle 13 of COSO's Internal Control-Integrated Framework
Principle 13 of the Framework is arguably one of the more difficult principles to address, especially the focus point of maintaining quality throughout information processing. This principle defines quality of information along the attributes of accessible, correct, current, protected, retained, sufficient, timely, valid, and verifiable. As many US public companies that utilize the COSO Framework for SEC regulatory purposes know, this is wide scope that is becoming increasingly important as 5G, artificial intelligence, robotics, the internet of things (IoT), quantum computing, analytics, blockchain and other technologies drive the workplace.
In addition, external audit firms are closely scrutinized by the PCAOB (Public Company Accounting Oversight Board) on this principle for not properly applying the considerations of Principle 13 in their public company clients' risk assessments and audit procedures. As a result, audit firms are directed to thoroughly understand the processing of data through information systems and information quality that is material to internal control over financial reporting (ICFR). They must be in a position to test the relating controls if their scope includes opining on ICFR.
The KU team is well versed with all aspects of COSO's Internal Control-Integrated Framework, both from the company and the audit standpoints for all 17 principles of the Framework, including Principle 13. We can take the lead or support on-going efforts to ensure that the surrounding processes around data processing and information quality are robust in the spirit of Principle 13. This involves ensuring that controls are properly designed through adequate policies and procedures, and that control activities are being properly executed as designed.
Mergers and AcquisitionsThe success of any decision-making process rests on the information flows and data feeding into the process. Many mergers and acquisitions (M&A) are subsequently criticized for insufficient, inaccurate, or untimely information. A poor decision can cost organizations big dollars as companies often realize that their supporting data, preconceptions, or assumptions were flawed. Our services aim to mitigate these risks to best take advantage of opportunities in the spirit of protecting and growing shareholder value.
Understanding the risks of poor information and decision making is a start, however bringing in the expertise to mitigate these risks through all M&A stages is where the big payoffs reside. We can help on multiple fronts and during various stages, including:
Pre-M&A Decision Stage
Readiness Stage (Prior to Day 1)
Day 1 OperationsThis is usually a relatively long list of Day-1 activities, including items such as:
Post Day 1 Operations
Our experienced team can assist in conducting a robust due diligence assessment designed to ferret out potential risks and valuation considerations, assess their magnitude and the probability of the risks' occurrence, consider whether mitigation is possible and respond accordingly.