The institution determines the value of the master data and performs master data governance and master data management practices to optimize the results expected from ICT investments (services and authorized assets of ICT) throughout the master data life cycle.
This involves an estimation of the value of the results that have been achieved and cost–benefit results of investments in ICT for master data management and governance, as well as an evaluation of the return on investment of initiatives connected with the acquisition, storage, querying, import and export of data.
Guideline code
ICT_05500
Mechanism
Mechanism
- The Master Data Governance Committee, with the assistance of the ICT unit and other competent units, should define the value of the master data. This involves:
- Understanding the requirements of the various interest groups – the strategic ICT issues as well as the capacities relating to the actual and potential significance of the master data for business and the institution’s ICT strategy;
- Determining the value of master data for the institution and communicating this information throughout all the organizational processes of the institution. For instance, determining:
- How it enables the implementation of compliance controls in order to prevent errors and fraud;
- How it enables the automation of business processes;
- The impacts on time, effort and costs of accessing fragmented information systems and of using unreliable data in social programmes;
- The value of implementing new social programmes with short delays by reusing the master data;
- Assessing how effectively the strategies to implement master data management operations have generated the desired value;
- Optionally classifying master data items according to their value. This classification would be updated systematically.
- The ICT and specialized units should continuously assess the portfolio of ICT-related investments in master data, services and licensed ICT assets, to determine the probability of achieving institutional goals at a reasonable cost.
- The ICT and specialized units should address the principles and practices of data value management, to allow the achievement of optimal value from agreed ICT investments. This implies encouraging the management to consider potential innovative uses of ICT which allow the institution to respond to new challenges and opportunities.
- The Master Data Governance Committee should communicate the institutional scope of the definition of value and principles that allow the value of the data to be realized in the social security institution as a whole.
Structure
Structure
- The board should appoint the Master Data Governance Committee to establish the value of master data for the institution, as well as the most suitable approaches and practices to optimize performance.
- The management should appoint a specialized unit to manage the values of the institution relating to ICT and master data management and governance.
- The Master Data Governance Committee should identify the best means of estimating the value of the master data.
- The process of determining the value of the master data should be based on the institutional ICT governance and management processes recommended in Section A.3, ICT Investment and Value Management, as well as on COBIT® (ValueIT).
Title HTML
Guideline 42. Optimization of master data value
Type
Guideline_1
Weight
58