ISACA Guide Identifies Strategies for Data Analysis

Organizations that have effective data analytics processes in place can make better decisions by knowing what's working and what's not, what they're doing well, and where they need to improve, according to new ISACA guidance. By analyzing their information, companies can make decisions to raise profitability, improve performance, and identify and manage risks.

In the new report titled Data Analysis – A Practical Approach [PDF], ISACA helps companies create successful data analysis plans for better results and benefits. The document is available as a free download on www.isaca.org/data-analytics

"Data analysis is more than a project. It's a journey through a well-thought-out plan with specific goals and steps," said Anthony Noble, CISA, vice president of IT auditing at Viacom Inc., and a member of ISACA's reporting development team. "This report explains how effective data analytics helps companies identify what's working well, determine areas for improvement, and recognize problems before they get out of hand."

According to the ISACA report, using data analytics helps security professionals establish value by identifying potential cost savings and operational improvements; in addition to offering other important benefits, such as:

Learn more about privacy and security issues

Improved control over data qualityMajor data quality assuranceIncrease in staff productivityIn addition, the report suggests that a data analysis plan should focus on the bottom line and include the following steps:
Perform an adhoc analysis in support of risk areas. Use data analysis within various projects for greater knowledge. Move to repeatable analyses performed periodically on high-risk activitiesDefine measures of success along the way"The results of data analysis can be useful in identifying areas of risk, fraud, error, and abuse; improving business efficiencies; verifying the effectiveness of the processes; and even influencing decisions," Noble said. "This ISACA guide helps companies by offering specific steps and guidance to bring order between sometimes chaotic data repositories."

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Source: ISACA

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