There is no business today that is not driven by data,” Dominique Vincenti, vice president, Internal Audit and Financial Controls, at Nordstrom in Seattle, says. “The continuous high-speed evolution of technology is the No. 1 challenge for businesses and internal auditors today. There is not an hour you can rest.”
Vincenti says that businesses need to fundamentally reassess what data means to the success of their organizations going forward. Not only must they be able to successfully protect their data from external threats, but a new law is sparking a trend that will require many to have much more detailed control over what data can be held and how it can be used — the General Data Protection Regulation (GDPR) that goes into effect in Europe in spring 2018. Add to that data processing developments in data analytics, robotics, and artificial intelligence, and organizations that are unable to leverage their most business-critical asset effectively are in danger of being left behind, or worse.
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