The primary goal of data management is to ensure that business (and regulatory) users have trust and confidence in data to be precisely what they expect it to be without the need for manual alignment or data reconciliation. The members of the EDM Council are working on translating this ‘prime directive’ into standardized predictable data quality objectives.
The Data Quality Working Group (DQWG) was created on demand from the financial institution members of the Council. Its formation acknowledges the importance of data quality assurance and recognizes the challenges in managing data quality as it moves through internal and external business environments.
The Data Quality Working Group is currently working on three core objectives:
The members of the Council have defined seven key dimensions associated with data quality (completeness, coverage, conformity, consistency, accuracy, duplication, timeliness). These dimensions facilitate better communications among and between stakeholders about data quality objectives, challenges and remediation approaches.
Core Data Attributes
Members are creating a composite set of all critical data attributes for all primary applications (i.e. research, trade, clear, settle, price, value, risk, compliance, books and records) throughout the full transactions lifecycle. Definitions of core attributes will be aligned with the Council’s Financial Industry Business Ontology.
Standard Measurement Criteria
Members are working on the development of standard data quality metric categories, standard root cause categories, standard set of data governance criteria and standard set of business rules for both reference and transactional data attributes.
Managing data from its point of origination through to its end use is complex and requires focus. A common agreement on core data attributes for primary applications will help in prioritizing data quality processes for ongoing enhancement.
We can't manage what we can't measure. Standard measurement criteria is not only an important contribution to standardizing the language of data quality management, but is necessary for continuously improving the fitness for use of data content.
Role of the EDM Council
The Council is supporting the demand by members for a focused set of activities to help improve the quality of financial content used in support of both business processing and regulatory reporting. Improving the quality of data and meeting the requirements of various stakeholders is one of the essential tasks of data management