Page 421 - ITGC_Audit Guides

Executive Summary

Big data is a popoular term used to describe the Note
exponential growth and availability of data created
by people, applications, and smart machines. The The cover, logo, and references in
term is also used to describe large, complex data sets this guide have been updated
that are beyond the capabilities of traditional data since its original publication. The
processing applications. The proliferation of content has not changed.
structured and unstructured data, combined with
technical advances in storage, processing power, and analytic tools, has enabled big data to
become a competitive advantage for leading organizations that use it to gain insights into
business opportunities and drive business strategies. However, the challenges and risks
associated with big data must also be considered.

Increased demand, immature frameworks, and emerging risks and opportunities that are not
widely understood or systematically managed by organizations have created a need for more
guidance in this area. Internal auditors, in particular, must develop new skill sets and obtain
knowledge of big data principles to effectively provide assurance that risks are addressed and
benefits are realized.

Risks associated with big data include poor data quality, inadequate technology, insufficient
security, and immature data governance practices. Internal auditors working with big data should
engage with the organization’s chief information officer (CIO) and other key leaders to better
understand the risks in terms of data collection, storage, analysis, security, and privacy.

This guidance provides an overview of big data: its value, components, strategies, implementation
considerations, data governance, consumption, and reporting, as well as some of the risks and
challenges these may present. This guide also explains internal auditors’ rol Increased demand,
immature frameworks, and emerging risks and opportunities that are not widely understood or
systematically managed by organizations have created a need for more guidance in this area.
Internal auditors, in particular, must develop new skill sets and obtain knowledge of big data
principles to effectively provide assurance that risks are addressed and benefits are realized.

2 — theiia.org