Enable Proper Data Creation and Use with Reference and Master Data Management

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Summary

Sagence’s reference and master data management services help an investment banker leverage a taxonomy to support the consolidation of a global technology into a single platform enabling proper data creation and use.

Challenge

Our client, a leading global investment banking, securities, and investment management firm, created a taxonomy for a reference data subject area that was implemented within an application and created to be used by their 5,000+ person operations department. The taxonomy supported the creation of reference data for individuals and internal enterprise systems. Before it could be deployed, our client needed a data governance and data management operating model to leverage the reference data taxonomy. They turned to Sagence not only for our reference and master data management expertise but also for our deep understanding of the investment banking industry.

Solution

Sagence built a framework for accurately capturing, sharing, distributing, securing, and leveraging the taxonomy and reference data. We identified individuals globally to participate in the data governance and data management teams and developed roles, responsibilities, and new business processes supporting the taxonomy and life cycle of reference data – data stewardship, data content owners, and multiple governance tiers. We also provided boundaries for business and architecture governance, assisted in hiring and integrating a taxonomist into the organization, and developed a global communication plan.

Results

A cross-functional organization now meets regularly to address reference data application issues and new requests from the business. The data maintenance team is global and actively supports the application. This has instituted business ownership and accountability for proper creation and use of data, also securing and sustaining senior management’s commitment to data quality.

To learn more about Sagence’s data governance services, visit our Manage Data Change service page or contact us.

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Sagence is a management consulting firm advising clients in information-intensive industries. We specialize in data management and analytics and in the acquisition, evaluation, and development of critical data assets. Contact us today to learn how we can help you leverage your data as an asset.