BS ISO 8000-116:2019 Data Quality Master Data: Exchange of Quality Identifiers

Standard Number: BS ISO 8000-116:2019

Pages: 14

Released: 2019-10-07

ISBN: 978 0 539 00174 7

Status: Standard

Overview

The BS ISO 8000-116:2019 is a pivotal standard that addresses the quality of master data, specifically focusing on the exchange of quality identifiers. This standard is an essential tool for organizations that aim to ensure the integrity and reliability of their data, particularly when dealing with authoritative legal entity identifiers. By applying the principles of ISO 8000-115, this standard provides a comprehensive framework for managing and exchanging high-quality data.

Why Choose BS ISO 8000-116:2019?

In today's data-driven world, the quality of data is paramount. Poor data quality can lead to significant inefficiencies, increased costs, and lost opportunities. The BS ISO 8000-116:2019 standard offers a robust solution to these challenges by providing guidelines that help organizations maintain high data quality standards. Here are some reasons why this standard is indispensable:

• Ensures Data Integrity: By adhering to this standard, organizations can ensure that their data is accurate, consistent, and reliable.
• Facilitates Data Exchange: The standard provides a framework for the seamless exchange of quality identifiers, which is crucial for businesses that operate in multiple jurisdictions or collaborate with various partners.
• Enhances Compliance: With increasing regulatory requirements, maintaining high data quality is not just a best practice but a necessity. This standard helps organizations meet compliance requirements efficiently.
• Improves Decision Making: High-quality data is the foundation of sound decision-making. By implementing this standard, organizations can make informed decisions that drive growth and innovation.

Application of ISO 8000-115

The BS ISO 8000-116:2019 standard builds upon the principles outlined in ISO 8000-115, focusing on the application of these principles to authoritative legal entity identifiers. This application is crucial for organizations that need to manage and exchange data related to legal entities, ensuring that the data is both authoritative and of high quality.

By applying ISO 8000-115, organizations can:

• Standardize Data Processes: Implementing standardized processes for data management ensures consistency and reduces the risk of errors.
• Enhance Data Governance: Strong data governance frameworks are essential for maintaining data quality. This standard provides the guidelines needed to establish and maintain such frameworks.
• Streamline Operations: With high-quality data, organizations can streamline their operations, reducing redundancies and improving efficiency.

Who Can Benefit from This Standard?

The BS ISO 8000-116:2019 standard is beneficial for a wide range of organizations, including:

• Multinational Corporations: Companies operating in multiple countries can benefit from standardized data processes that facilitate cross-border operations.
• Financial Institutions: Banks and other financial institutions can use this standard to ensure the accuracy and reliability of data related to legal entities.
• Government Agencies: Public sector organizations can enhance their data management practices, ensuring compliance with regulatory requirements.
• Data Management Professionals: Professionals responsible for data quality and governance can leverage this standard to improve their organization's data practices.

Conclusion

In conclusion, the BS ISO 8000-116:2019 standard is an invaluable resource for any organization that prioritizes data quality. By providing a comprehensive framework for the exchange of quality identifiers, this standard helps organizations maintain high data quality standards, ensuring data integrity, facilitating data exchange, and enhancing compliance. Whether you are a multinational corporation, a financial institution, or a government agency, this standard can help you achieve your data quality goals and drive success in today's competitive landscape.

BS ISO 8000-116:2019

• 25.040.40 Industrial process measurement and control

This document specifies the requirements for representing authoritative legal entity identifiers (ALEI). These requirements supplement those of ISO 8000-115.

The following are within the scope of this document:

• the requirements for the prefix element, a single sub-domain element and the identifier element to represent authoritative legal entity identifiers.

The following are outside the scope of this document:

• the methods used to create a legal entity identifier;

• the syntax of the query and of the response used in the resolution of the representation of an authoritative legal entity identifier;

• the methods used for the resolution of the representation of an authoritative legal entity identifier.