What level of validation or verification of consistency, correctness and completeness is sufficient?
Master data, by its very definition, needs to be reliable. This requires the master data to be consistent, correct and complete. But master data quality standards will vary depending upon the type of data, its source, usage, and the over-all cost of maintaining its data quality. For example, if postal codes are critical for marketing campaign effectiveness but are missing from a majority of customer records, data augmentation from an external data provider may be required to ensure data reliability. 5. What, if any, industry or regulatory standards must be supported? Regulatory standards differ greatly by industry sector and as such data governance initiatives will vary depending upon industry unique mandates. For instance, pharmaceutical companies are required to comply with pharmaceutical marketing regulations and prescribing drug restrictions, while financial institutions need to comply with Basel II, privacy, and MiFID regulations. Compliance to these and other evolving industry st
