Good Data Management Flashcards
(21 cards)
What is Data Management?
The practice of managing data as a valuable resource to unlock its potential for an organization.
What does Data Management involve?
Involves the planning, development, implementation,
and administration of systems for the acquisition,
storage, security, retrieval, dissemination, and
utilisation of data. Good data management contributes to better decision-making, operational efficiency, and overall organizational success.
How do businesses make their data management effective?
They have/create:
- A data strategy
- Reliable methods to access, integrate, cleanse, govern, store, and prepare data for analytics.
What is Metadata?
Metadata = data about data. It gives context and information about other data which helps: Organize, find, and understand it.
Metadata doesn’t contain the actual content of the data; instead, it describes various aspects of the data itself.
What does the principle of Collect Once, Use Many Times mean?
The concept of collecting data once and using it across various contexts can only be achieved through proper data management
What does the principle of Metadata Management mean?
Ensuring reliable metadata for data retrieval is crucial. Consistent metadata practices lead to better data consistency and usability
What does the principle of Data Sharing mean?
Facilitating data sharing within and between organizations is essential. Proper data management enables efficient sharing and collaboration
What does the principle of Data Security mean?
Protecting data from unauthorized access, breaches, and loss is a fundamental aspect of good data management
What does the principle of Data Quality mean?
Ensuring data accuracy, completeness, and reliability is vital for informed decision-making
What does the principle of Data Governance mean?
Establishing policies, processes, and roles to manage data effectively
What does the principle of Data Integration mean?
Integrating data from various sources to create a unified view
What does the principle of Data Storage mean?
Efficiently storing and organizing data for easy retrieval
What does the principle of Data Preparation mean?
Preparing data for analysis by cleaning, transforming, and structuring it appropriately
What are the principles and best practices of Good Data Management?
- Collect Once, Use Many Times
- Metadata* Management
- Data Sharing
- Data Security
- Data Quality
- Data Governance
- Data Integration
- Data Storage
- Data Preparation
What are the advantages of good data
management?
- Speed of data transmission and access
- Enhanced business planning
- Monitoring KPIs
- Having accurate and current information required for:
- Budget setting and monitoring
- Business decision-making
What is the Payment Services Directive 2 (PSD2)?
A regulation that aims to create a more open, competitive, and secure payments landscape across Europe
What is the Payment Services Directive 2 (PSD2) also known as?
The Revised Payment Services Directive
What is the purpose for PSD2?
PSD2 providess requirements for Strong Customer Authentication (SCA), enhancing security for online payments.
Who does PSD2 impact and how?
PSD2 impacts:
- Consumers
- Brokers
- Banks
By regulating digital payment transactions and customer data security
What are some key aspects of PSD2?
Strong Customer Authentication - Requires multi-fator authentication for online payments to reduce fraud.
Access to Accounts - Allows third-party providers (TPPs) to access payment accounts with user consent.
Open Banking - Encourages innovation by enabling TPPs to offer new services using bank data.
What are some benefits to PSD2?
Some benefits to PSD2 include:
- Increase security by SCA ensuring safer transactions
- Competition and innovation as open banking fosters new services and competition
- Consumer control as users have more control over their financial data
- Bring account data into one place giving a global view
