Financial Reporting Data Validation
Publicly traded ($GVA), S&P 600 index member, ~$3.5B revenue
1The Background
Granite Construction, one of the largest general contractors, construction management firms, and materials producers in the Americas, has a complex data warehouse and real-time financial dashboards that pull data from disparate sources with multiple views, calculations and models. Daily risk assessment and compliance is fundamental to efficient enterprise management. With penalties so high for non-compliance, data quality assessment and remediation across the workflow is a must for every organization.
2The Challenge
Being a publicly traded company, Granite must adhere to strict regulatory standards when it comes to financial reporting and SOX compliance. Ensuring data integrity and quality is of utmost importance and is challenging with the volume and variety of data flowing across the organization. Out of compliance has significant financial and compliance risk which can lead to major business impact.
Technical Environment
- JD Edwards E1 (Oracle) as source system
- SQL Server ODS (Operational Data Store)
- SQL Server Tabular Model output via MS Excel
3The Solution
Granite connected to the data sources which included JD Edwards E1 (Oracle), SQL Server ODS, and SQL Server Tabular Model output via MS Excel. Using DataTrust's reconciliation feature, Granite built queries and query chains to reconcile E1 to ODS and E1 to the Tabular Model on a scheduled basis to confirm the data sources are in sync.
Top-level view of the SOX Compliance Workflow
The RightData Edge
SOX compliance and legal obligation is just a smart business practice. The Sarbanes-Oxley Act (SOX) established rules to protect the public from fraudulent or predatory practices by corporations and other business entities. In addition, safeguarding data and governing access to internal financial systems also reduces the risk of data cyber threats from insiders or cyberattacks. Finally, the automation by a data quality platform, such as DataTrust, saves time and money as well as creates an audit control for the entire process. A major point is that in the event of an error, the error reports identify the unique keys needed to investigate the out-of-balance condition.
4The Results
"We use RightData as the basis for our Data Integrity SOX Control. RightData is simple to use. You can easily build data connections across various source systems, design queries/query chains, reconciliations and configure batch job scheduling. It includes an email notification system and exception reporting that is used for our SOX Control evidence."
Jesse R.
Financial Reporting Transformation Manager
Quick Facts
Company
Granite Construction
Industry
Engineering & Construction
Company Size
Publicly traded ($GVA), S&P 600 index member, ~$3.5B revenue
Published
June 22, 2022
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