The ability to ask the right questions is a crucial area of responsibility for any Board of Directors. In the context of data, Board members must be willing to challenge assumptions in the reports they are provided, request assurances about the traceability or completeness of the data, or check whether it adequately captures relevant data relationships.
Armed with an understanding of how data is collected, distributed and consumed, Boards will be in a better position to ask pertinent questions to ensure its quality.
Although Boards cannot be expected to be familiar with the entire data life-cycle, a high-level understanding of the overall process can help to direct their line of questioning. Here are a few example questions:
- How was the data gathered?
- How many times was the data replicated?
- How does the data flow through the organization?
- How is the data being cleaned and manipulated?
The Board can’t ask the right questions about the quality of the risk information without understanding the quality of the data going into it.
Although there may be no such a thing as “perfect data”, an organization that has confidence in the quality and accuracy of its data can act much more decisively than a competitor without this asset.
Download Data as a Board-Level Issue.