The Protect IU Blog
All about the data
Currently, "big data" is still being used as a coin-phrase in marketing sectors to generate sales. However, the growing understanding that "big data" is a well-defined concept is also taking place. Fundamentally, big data encompasses the entire amount of data and information created by universities and organizations. The concept also includes processes of how data is scrutinized, analyzed, and synthesized into conclusions that executives find beneficial and useful.
With growing popularity, cloud computing is one example of a methodology that organizations are linking to big data, but big data is much more expansive. Ultimately, it involves the intelligent use of all data, both internal and external, that might help your operations. Because of these influences, it is critical to remember the most important element of the COSO cube and what the guidance has to say about it: “The internal environment component serves as the foundation for, and defines the organization's risk appetite in terms of, how risks and controls are viewed.” If big data encompasses both internal and external data, and the ability to use this data and information intelligently relies on the internal foundation, then big data must be built upon a foundation that can withstand all types of risks.
This foundation, maybe be used for fraud detection, real-time risk monitoring, etc… and should ensure the following elements are in place: all generated data must be collected and tracked, appropriately-identified data must be shared, and the right questions must be asked when examining the data to make certain the right answers emerge. Without the proper foundation, big data may continue to grow so large that it cracks the foundation, and ultimately brings the house down.
To read more, click here: http://www.complianceweek.com/compliance-its-all-about-the-data-now/article/248543/
Ryan Chizum is a Risk Management Analyst for IU's Public Safety and Institutional Assurance.