3 Components of Data Governance for North America Regulatory Reporting

The components of DGUSRR are listed as follows:

• Business Glossary: It maintains the business glossary for standardization along with the Business Terms.
• Critical Data Elements: It classifies the Business Terms as critical data elements with approval and review workflows.
• Controls: It defines the operational and quality controls on every data element and monitors the effectiveness of the control.
• Key Indicators: It monitors all the key metrics, trends of the metrics, variances, and so on for the data elements.
• Issues and Actions: It defines the issues and remediation action plans to resolve issues.
• Plan Monitoring: It defines, maintains, and tracks the regulatory report submissions that include all the runs required for the submission.
• Adjustment Framework: It is a workflow process for posting last-mile adjustment at the MDRM level or data adjustment at the Stage level. Adjustment framework is invoked from Inbox->Task option.
• Metadata Report Extract: It enables you to view the complete lineage and relationship between metadata.