New rules for financial monitoring and statements have urgent overhauling of the collection, retention and management procedures as far as information is concerned.
What is Regulatory Compliance?
regulatory compliance Acts make it mandatory for public companies to evaluate, revise, restructure and make a detailed report on the internal controls in place for financial statements. The report has to give “Clean Chit” by independent auditors. These measures seek to prevent financial misstatements and reduce fraud in public companies
Data Management .:
It is an important tool when it comes to data management to ensure regulatory compliance. IT tools are used to access and maintain records, and protect the financial abuse. Here are some tips to ensure good data governance.
1) Proper management will be informed about data management and ownership they have to understand their responsibilities.
2) Data systems should be recorded, their managers informed and the number of databases, types of information software used underlying operating system, the conditions of access, and other utilities should be listed.
3) Skip the potential threats to information stored in databases and call periodic reassessment.
4) data shall be accurate recording of extraction and tracking becomes easier.
5) There should be a data backup in place.
6) are responsible for database management will be allocated in a manner that prevents unauthorized access to information, and changes to the data
Database Management :. database administrators.
In order to ensure regulatory compliance, database management is broken up into different projects and each project is assigned the database administrator or DBA. Responsibility DBA are:
1) To be responsible for the accuracy of the data
2) authorizing and tracking changes to database management and security system
3 ..) To ensure proper backup for the database.
4) To ensure that the database is foolproof against unauthorized access.
5) Keep a list of all the databases, and databases other than their own as they access information from.
6) Maintain appropriate documentation in place that they follow legal practices regarding access and privileges.
7) Test Log database validation procedures.
8) correct database quickly when unauthorized access and changes to the database are left.
9) Ensure that in case of accidental or the cumulative loss of data, it can be recovered in the minimum possible time so that the company is not affected.
Database management procedures should satisfy auditors, be legal, and should employ appropriate methods auditing. There are companies that provide this service. However, they should be aware of their obligations and responsibilities and ensure regulatory compliance of the data management process. Updating the database system and install the appropriate criteria for information access and flow, but the establishment of good books accountants, and prevent financial scandals.