On Sept 28, 2015 Jim Keevins and Laura Hahn from TD Ameritrade delivered a fantastic keynote address at the Data Governance in Financial Services conference in Jersey City, New Jersey. Their keynote “Practical Applications of Reference Master Data Management in the Financial Services Enterprise” covered a wide range of topics, among them: what is reference data, the importance of reference master data management and specifics on a little place called “Minneapolis, Mongolia.” (Minneapolis, Mongolia was an example of reference data gone amok). While the entire presentation is worth reviewing, there are a couple of slides that deserve additional commentary.
Owners and decision rights
Understanding the owners/RACI matrix for a given domain of reference and master data is one of the keys to data governance. What’s great about this slide is that Jim and Laura add in the decision rights ascribed to the owner.
Having well documented/scoped decisions rights helps determine when owners must seek additional guidance from the governance team.
Automation as a risk factor
Automation is often positioned as a source of benefits for organizations investing in MDM or RDM. The assumption is that more automation is better. In these series of slides, Jim and Laura challenge that assumption, pointing out that more automation can also propagate errors more quickly.