Identifying System Data at Fault

A.

In this scenario, the organization has received notification from its regulatory body about significant discrepancies in its reporting data. A preliminary investigation has revealed that the problem is due to data quality issues, and the management has directed the data quality team to enhance their program. The audit committee has asked internal audit to advise the process.

After the data quality team identifies the system data at fault, the next step in the process should be to identify the root cause of data quality problems. Therefore, option C is the correct answer.

Identifying the root cause of data quality problems will enable the organization to address the underlying issues that are causing the discrepancies. This step is critical in ensuring that the organization's data quality program is effective in the long run.

Once the root cause has been identified, the organization can then move on to developing an improvement plan (option B). The improvement plan should include specific actions to address the root cause of the problem and improve the organization's data quality program.

Identifying the source data owners (option D) is also an essential step in the process, as it will help ensure that the correct individuals are accountable for maintaining the quality of the data they manage. This step can be completed concurrently with identifying the root cause of data quality problems.

Creating business rules that validate data quality (option A) is a critical component of a data quality program, but it is not the next step in this process. Once the root cause of the data quality problem has been identified, the organization can develop business rules that will prevent similar issues from arising in the future.

In summary, the correct answer is option C - identify the root cause of data quality problems - as this is the critical next step in the process of enhancing the organization's data quality program.