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Best Practice
best practice

best practice

Best Practice in Data Management

The EDM Council is an advocate of leveraging standard capabilities, processes, tools, and data architecture 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. To address this objective, the Council has developed a best-practice data management model entitled DCAM™ (Data Management Capability Assessment Model).

The DCAM Framework is designed to identify and document the most critical best practice 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 architectured. 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.

edmconnect

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 designed to go beyond the essential principles and core capabilities in DCAM™ and deliver practical capability execution roadmaps for our members. The EDMConnect platform supports our Best Practice development. As a registered member you can “join” the Best Practice Program Interest Group.

Best Practice Program Interest Group: the Best Practice Interest Group is a place where you can learn and stay connected to all activities and developments of the full Best Practice Program.

  • Learn about all current activities
  • Access best practice tools and processes
  • Create new best practice forum topics
  • Submit your best practice
  • Subscribe to notification updates across the Program
  • Join Interest Groups for Best Practice Focus Areas

 

Current Best Practice Focus Areas

Critical Data Element (CDE) Interest Group: Best practice group on the designation and management of CDEs

Global Data Protection Regulation (GDPR) Interest Group: Best practice group on the requirements for the Data Management function to support GDPR compliance

Data Management Business Glossary Interest Group: This is an ongoing activity of the Council with new terms proposed by members and by the activity of the Best Practice Program

Possible Future Topics: data lineage, data producer/consumer relationship, target operating model, MiFID II requirements, policy implementation, data inventory management, locking down meaning, business process documentation

 

Data Management Business Glossary

Critical to designing Data Management industry best practice is to adopt common language with shared meaning. The Data Management Business Glossary was established to define critical concepts associated with the practice of Data Management.

Completed Terms

  • Roles and Functions - terms related to data stewardship, data ownership, involved parties, data production, data consumption, etc.
  • Data Quality - terms related to the data quality process and the dimensions of quality, etc.
  • Data Provisioning - terms related to the data sourcing and provisioning process, domain management, etc.

In Process Terms

  • Data Architecture - terms related to data attributes, business elements, critical data elements, ontology, etc.
  • Data Governance - terms related to policy, standards, data oversight, data compliance, etc.
  • Metadata - terms related to the development, maintenance and adoption of business, technical and operational metadata, etc.
  • Data Types - terms that define reference data, transactional data, customer data, derived data, risk data, legal entity data, master data, etc.

Data Management Business Glossary