A paradox which continues to puzzle me is how chief financial officers (CFOs) and controllers can be aware that their managerial accounting data is flawed and misleading, yet not take action to do anything about it.

Now, I’m not referring to the financial accounting data used for external reporting; that information passes strict audits. I’m referring to the managerial accounting used internally for analysis and decisions. For this data, there is no governmental regulatory agency enforcing rules, so the CFO can apply any accounting practice or cost allocation method that he or she likes.

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This Supply Chain Risk Assessment provides an overview of how well your business understands and manages the key risks in your supply chain. Its high level, brief format makes it an excellent tool to use for educational and improvement meetings.

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Here is a draft of the key steps your team can take to start your data lineage journey.

It is worth mentioning that an established data management framework and collaboration between data management professionals and stakeholders are a prerequisite for successful implementation of data lineage.

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In the first three articles (Data Lineage 101, 102 and 103) we have discussed why we need data lineage, what data lineage actually is and what are the key legislative requirements for data lineage.

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In ‘Data Lineage 102: Definition and key components’ we aligned the definition of data lineage and specified its key components from the viewpoint of data management. Now it is time to take a look at the requirements from the viewpoint of legislation.

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