Strategic Information Management for Financial Institutions

This case study examines a CEO's approach to addressing data quality issues within a financial institution. The CEO faces challenges including poor data quality, time-consuming data reconciliation processes, and a lack of accountability between IT and business units. The proposed solution involves conducting an internal information audit to identify data collection methods, limitations, and inaccuracies. Additionally, the CEO would review the institution's information framework, educate staff on the importance of effective information systems, restructure the IT department's role, and implement a robust internal audit to improve data quality and reconciliation accuracy. The goal is to foster better coordination, accountability, and alignment of information systems with the institution's key strategies.

Running Head: MANAGING INFORMATION SYSTEMS 1
Managing Information Systems
Name
Institution
Professor’s Name
Date

MANAGING INFORMATION SYSTEMS 2
Managing Information Systems
As the CEO of the institution, I would address the dilemma by first performing an
internal information audit in order to know precisely the cause of the problem. This measure
would help unveil the methods that various departments use to collect data and the possible
limitations and inaccuracies in the collected data, as well as mistakes committed during the
dissemination of the resulting information. I would review the information framework of the
institution in order to trace the loopholes in the existing information management system. I
would then analyze whether each department effectively plays its role in ensuring the efficient
management of information (Chatterjee, 2010).
Information system plays a vital role in any organization and directly impacts on its
financial performance. As the CEO, I would consider educating all staff on the significance of
proper coordination and collaborative participation in ensuring an effective information system
in the organization. I would re-structure the role of the IT department, and align the information
system with the key strategies of the business. I would also ensure all staff knows their role in
maintaining quality information systems. With this, I would resolve the challenge of employees
and departments having to blame one another on information failures. Additionally, creating a
robust internal audit to oversee the function of information system management would help curb
the problem of poor quality data, and exceed the 75% accuracy on data reconciliation and
reporting especially in the finance department (Sousa & Oz, 2014).

MANAGING INFORMATION SYSTEMS 3
References
Chatterjee, I. (2010). Management Information Systems. New Delhi, Delhi: PHI Learning Pvt.
Sousa, K. J., & Oz, E. (2014). Management Information Systems. Boston, MA: Cengage
Learning.