Data Quality Engineering in Financial Services

Chapter 10. Enterprise Data Management

Enterprise data management (EDM), introduced in Chapter 8, refers to an organization’s capabilities to effectively define, acquire, integrate, manage, and use data and information assets in applications and business processes. EDM delivers business value by combining best practices in data governance, contemporary data architectures, master data management, data quality engineering, and data management operations. This synergy yields the following:

• Increased awareness of the importance and the value of data as an information asset

• Embedded understanding of the data and quality required to drive efficient operations

• Mastered data that ensures data has been validated and approved prior to its use

• Consistency, efficiency, and scale in data management and control

• Standardization in data quality tolerance validations and data quality analytics

• Recognized data ownership and data stewardship roles and responsibilities

EDM exists to promote a data-quality-first culture that enables you and your firm to achieve business strategy goals and objectives. It includes all the methods, techniques, and frameworks presented in this book. I encourage you to use, extend, and enhance them in ways that best align to your firm’s business objectives and that can make the most positive impact on how you manage data and drive data quality.

You can use EDM to improve your:

• Understanding of the shape and dimensions of data and data volumes

• Data-wrangling ...