Audit Protection: Data Management Maturity
Audits shouldn't be expensive and time consuming activities, if companies take adequate steps to invest in audit protection. The tendency is to focus on band-aids to address previous audit findings or control weaknesses, rather than implementing repeatable processes, proactive monitoring, and timely reporting. AlyData's Audit Protection service helps companies streamline the audit process, but helping build the process, reporting, and controls capabilities.
Data is foundational to risk management and regulatory compliance and must be managed and governed at a high level of maturity. Regulators and auditors typically want to know if your organization has implemented industry best practices with respect to data management and analytics. A baseline maturity assessment, followed by annual or bi-annual assessments, helps organizations mature their data management and analytics functions in a methodical manner. The output of the assessments and the supporting documentation developed post-assessment, coupled with a review of the appropriate processes and metrics will improve auditability and provide audit protection.
CMMI® Institute has developed the Data Management Maturity (DMM)℠ model to bridge the perspective gap between business and IT. It provides a common language and framework depicting what progress looks like in all of the fundamental disciplines of data management, and offers a gradated path to improvement which is easily tailored to an organization’s business strategies, strengths and priorities.
The DMM model helps organizations to become more proficient in their management of critical data and to provide a consistent and comparable benchmark for regulatory authorities in their efforts to control operational risk. The DMM model is constructed based on the foundational principles of the Capability Maturity Model Integration (CMMI)®. For more than 20 years, the proven framework of the CMMI has helped guide thousands of organizations worldwide through improvement activities resulting in lowered risk, increased predictability and performance, and increased profitability.
The DMM Model assesses the maturity of 5 primary areas and their supporting processes on a scale of 1 (Initial) to 5 (Optimised) - Data Management Strategy, Data Quality, Data Operations, Platform & Architecture, and Data Governance. AlyData recommends that every organisation must conduct a comprehensive baseline Data Management Maturity Assessment, followed by annual assessments to determine whether it's data management investments are improving maturity and providing the desired return-on-investment.
DMM defines data management in specific process areas grouped by categories. These processes are defined at the specific business process level so organizations can be assessed against documented best practices to improve their management of data resources across functional, business unit and geographic boundaries.
AlyData uses CMI's DMM Methodology coupled with proprietary templates, questionnaires and other accelerators - to speed time to market and ensure a repeatable process.