Best Practice in Data Management
The EDM Council is an advocate of leveraging standard data management capabilities, processes, and tools across the Data Management function. The objective of the EDM Council’s Best Practice Program is to document the experiences of data management practitioners and translate them into practical implementation guidelines. These guidelines are aligned to the industry-standard Data Management Capability Assessment Model (DCAM®) first developed by the EDM Council in 2014.
The DCAM Framework is designed to identify and document the capabilities required to define, design, build and sustain a successful data management program, in any industry.
DCAM represents the WHAT – what is needed to have a successful data management program. The Best Practice Program is designed to take this to the next level and define the HOW – and to do that collaboratively with Council members and industry experts. The resulting knowledge is aligned to the DCAM Framework.
Financial Industry Business Ontology (FIBO™)
A particular best practice focus area is the design and definition of data – how the data is architected. FIBO™ represents the collective development of dozens of financial industry experts in utilizing the emerging best practice of semantic data modeling and design, to represent all financial instruments, legal entities, and structured transactions. Semantics is a flexible, concept-based data modeling methodology that enables a shared understanding of data and how data relates. It is also extremely flexible, allowing the addition of related concepts to be added to the model. Semantics are being used in all aspects of industry today, from finance to marketing, from medical research to military strategy.
To create Best Practice, we encourage member-to-member sharing through forums, create topical “interest groups”, conduct original research and facilitate collaborative working groups. All are designed to go beyond the essential principles and core capabilities in DCAM and deliver practical capability execution roadmaps for our members.
DCAM User Group
The User Group is a place where you can learn and stay connected to all activities and developments of the full Best Practice Program.
Best Practice Work Groups are created based on submissions from various members to formalize an industry-standard vetted by members of the group. All members are invited to review and contribute feedback to the Work Groups. This is a way for you to contribute to and learn from the review of the work-in-process that will be shared from the Work Groups.
Possible Future Topics: data lineage, data producer/consumer relationship, target operating model, policy implementation, data inventory management, locking down meaning, business process documentation
Data Management Business Glossary
At the request of the membership, the EDM Council has developed a Data Management Business Glossary. The goal is to formalize the business terminology used to describe the practice of data management. To achieve this goal, a group of industry practitioners imposed rigor on the definition of terms and provided the clarity needed to ensure consistent collaboration among organizational stakeholders.
The terms are aligned to one or more of the seven DCAM components. Many terms also have tags that create sub-groupings of related terms (i.e., data architecture, roles & responsibilities, provisioning, metadata, governance and data quality).