Leveraging a Taxonomy for Reference and Master Data Management
Sagence’s extensive experience in reference and master data management helped a leading global investment bank leverage a taxonomy to support the consolidation of global technology into a single platform enabling proper data creation and use.
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 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 the system 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 comprehensive understanding of the investment banking industry.
Our team 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.
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.