During an audit of payment services of a branch based in a foreign country, a large global bank's audit team identifies an opportunity to use data analytics techniques to identify abnormal payments. Which of the following is the team's MOST important course of action?
When dealing with data from a different jurisdiction, it is crucial to consult the legal department to understand the correct procedures for requesting and handling data. This is because different countries may have varied legal requirements and regulations regarding data privacy and transfer. Ensuring compliance with these legal frameworks is essential to avoid potential legal complications and ensure the validity and legality of the data analysis process.
Agreeing on a data extraction and sharing strategy is crucial as it ensures that the required data is obtained and facilitates the audit process, allowing for efficient data analysis.