One of the main guiding principles for Reference and Master Data is the one related to ownership, which states that:

Ownership is a crucial principle in managing Reference and Master Data. Here’s an in-depth look at

why:

Organizational Ownership:

Unified Responsibility: Reference and Master Data are assets that span across various functions and

departments within an organization.

Consistency and Accuracy: Ensuring that data ownership is attributed to the organization prevents

silos and ensures data is consistently accurate and available across all departments.

Data Governance: Proper governance frameworks ensure that data is managed in a way that meets

the organization’s needs and complies with relevant regulations and standards.

Avoiding Departmental Silos:

Cross-functional Use: Different departments use and rely on Reference and Master Data, so

ownership by a single department can lead to conflicts and inconsistencies.

Holistic Management: Centralized ownership enables holistic data management practices, enhancing

data quality and usability across the organization.

Reference:

Data Management Body of Knowledge (DMBOK), Chapter 7: Master Data Management

DAMA International, "The DAMA Guide to the Data Management Body of Knowledge (DMBOK)"