How do you know what data is necessary for regulatory reporting and how to ensure compliance? With the massive amount of data available to employees across an enterprise, how will they determine which is most valuable and critical for compliance activities?Evaluating the data elements which are most important to the enterprise will allow for clarity and establish a scope. Analyzing the data used for reporting, the reporting currently being used, the computations and models being implemented and analysis of data lineage will establish the first step in identifying the most valuable critical data for the enterprise.

Applying a top-down process will aid in developing a business glossary, therefore creating critical business terms and define the terminology for the data. This process supports consistency and improved communications across the company.