BS ISO 8000-116:2019

Overview

BS ISO 8000-116:2019 provides a framework for the exchange of quality identifiers in the context of master data management. This standard is particularly relevant for organisations that require authoritative legal entity identifiers to ensure data quality and integrity across various systems. It builds upon the principles established in ISO 8000-115, focusing on the application of these principles to legal entities.

Key Requirements

The standard outlines several key requirements for the effective exchange of quality identifiers:

• Identification of Legal Entities: Establish clear criteria for identifying legal entities using authoritative identifiers.
• Quality Assurance: Implement processes to ensure the accuracy and reliability of identifiers exchanged.
• Data Interoperability: Facilitate seamless data exchange between different systems and organisations by adhering to common standards.
• Documentation and Compliance: Maintain comprehensive documentation to support compliance with regulatory requirements.

Implementation Benefits

Adopting BS ISO 8000-116:2019 can yield significant benefits for organisations:

• Enhanced Data Quality: By utilising authoritative identifiers, organisations can improve the accuracy and consistency of their master data.
• Streamlined Processes: The standard promotes efficient data exchange, reducing the time and resources spent on data reconciliation.
• Improved Compliance: Adhering to this standard helps organisations meet legal and regulatory obligations related to data management.
• Increased Trust: Reliable data enhances stakeholder confidence in the organisation’s operations and reporting.

Compliance Value

Compliance with BS ISO 8000-116:2019 is essential for organisations operating in regulated industries. The standard provides a structured approach to managing master data, which is critical for compliance with various legal frameworks. By implementing the guidelines set forth in this standard, organisations can:

• Mitigate Risks: Reduce the risk of data inaccuracies that could lead to legal penalties or reputational damage.
• Facilitate Audits: Maintain clear records and processes that simplify audit trails and compliance verification.
• Support Data Governance: Establish robust data governance frameworks that align with organisational objectives and regulatory requirements.

In conclusion, BS ISO 8000-116:2019 is an essential standard for organisations seeking to enhance their data quality management practices. By implementing its guidelines, organisations can achieve greater accuracy, compliance, and operational efficiency.