Managing and retaining data
The risks: An organization whose data management
policies and procedures are insufficient or ineffective
is exposed to the consequences of poor data
management – for example, business decisions
or client advice may be based on incomplete or
inaccurate data. Another issue is storing data in
outdated or incompatible formats for retrieval, or
improperly backing up data, which can result in
irrevocable loss of data.
Risk management: Managing and retaining data
requires an organization to understand the internal,
legal and compliance-related requirements for data
retention and develop policies and procedures to
satisfy those requirements. The organization has to
be able to back up its data and to restore data in the
event of a data loss (or a need to access historical
data). In addition, it must be able to manage the cost
of storing and archiving data.