Trent Russell asked me a couple of questions about data strategy for internal audit.
In general there are three ways to create value using data: more income, less costs and peace of mind. Trent wholeheartedly agreed with the last one, this also being what internal audit is trying to achieve in his opinion. Have a good data strategy about this topic makes sure you can trust your data to take decisions and that you are compliant with relevant regulations.
Another topic that I am thinking about a lot lately were the pitfalls when developing a data strategy:
1. Building without a plan. It's ok to start building without a plan to get some momentum, but don't wait too long to take a step back to see if you're going in the right directions.
2. Misalignment between senior stakeholders and IT. Don't build in IT without getting clear about the vision and business objectives of the decisionmakers.