Reference and Master Data Management (RMDM) governance processes are designed to manage and ensure the accuracy, consistency, and quality of critical data assets across an organization. These processes focus on defining, maintaining, and governing the shared data entities and attributes that are essential for various business processes. One of the key aspects governed by RMDM is "Data change activity."
* Reference and Master Data Definition:
* Reference data is a subset of master data used to classify or categorize other data within an organization. It typically includes codes and descriptions.
* Master data refers to the critical business information regarding the core entities around which business is conducted, such as customers, products, employees, and suppliers.
* Data Change Activity:
* This involves tracking and managing the changes made to master and reference data over time.
The governance processes ensure that any changes to this data are properly authorized, recorded, and communicated to relevant stakeholders.
* Managing data change activity includes monitoring modifications, updates, additions, and deletions of reference and master data.
* Importance in Governance:
* Effective governance of data change activity ensures that the integrity and quality of master data are maintained. It prevents unauthorized changes that could lead to data inconsistencies and inaccuracies.
* It supports audit trails and compliance with regulatory requirements by providing transparency and accountability for data changes.