16 LEXPERT
|
2016
|
WWW.LEXPERT.CA
PHOTO:
SHUTTERSTOCK
DATA
THESE DAYS, Canadians trying to grow a busi-
ness need to keep their eye on more than profits
and losses.
e way a company handles its data can not
only cost customers and reputation, but if handled
poorly, it can sink a potential deal or financing.
Whether the business comprises six or 60,000
people, it is critical that owners, management and
boards of directors ensure they understand their
company's data-collection, storage and security
practices, senior corporate lawyers agree.
e challenge is there are no common guide-
lines to adhere to.
"When it comes to financial statements every-
one knows there are standard rules that have to
be followed," says Deborah Weinstein of LaBarge
Weinstein LLP. "e way you record revenue, the
way you record inventory, is based on GAAP.
"ere is no handbook for all of the technology-
related matters that have to be followed but you
Managing
Data
SENIOR BUSINESS
EXECUTIVES
INCREASINGLY NEED A
DEEPER UNDERSTANDING
OF DATA MANAGEMENT.
RELYING ON THE IT
DEPARTMENT IS NO
LONGER GOOD ENOUGH
BY SANDRA RUBIN
