ARM 400 - Chapter 6 Exam | Questions with 100%
Correct Answers | Verified | Latest Update
2026/2027
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Terms in this set (65)
Trust and act on its data in ways that To gain a competitive advantage, maintain
are consistent with its holistic risk profitability, and satisfy customers, an organization
management strategy. must be able to do what?
Customers' experience, increase Organizations use data to improve what?
revenue, and reduce costs through
operational efficiency
A formal data management program. What can improve an organization's bottom line
and enhance its overall efficiency and success?
Data Governance This is the starting point, the set of rules and
decisions for managing data. It provides the
definitions, standards, and procedures for how data
should be used and by whom. Moreover, it defines
the controls and audit procedures that ensure
policy and regulatory compliance.
Data Preparation and Capture This includes internal data entry processes to
capture accounting transactions, customer data,
other operational information, and outside data
sources such as research material or financial
statistics.
, Data Access This entails knowing where the data is and how it
can be retrieved.
Data Quality This involves processes to make sure data is
accurate and usable for its intended purpose.
Data Integration This may be as simple as financial statements being
dynamically updated each time an accounting
transaction occurs. Data virtualization is a subset of
data integration that allows users to generate a
dynamic view of data without moving it or needing
temporary or intermediary storage of it.
Governance What are the 5 Data Management Functions?
Preparation & Capture
Access
Quality
Integration
Increased Overall Efficiency What are the benefits of data management?
Enhanced On-Demand Access to
Data
Sounder Decision-Making
Increased Overall Efficiency This can be achieved by eliminating data
redundancy and reducing duplication of personnel
effort.
Enhanced On-Demand Access to Integrated data allows for simple, straightforward,
Data and automated access. This is a benefit because
different users and situations require different
levels of data latency. For example, to determine
the risk associated with offering a new loan to a
high-value customer, real-time data is essential.
Correct Answers | Verified | Latest Update
2026/2027
Save
Terms in this set (65)
Trust and act on its data in ways that To gain a competitive advantage, maintain
are consistent with its holistic risk profitability, and satisfy customers, an organization
management strategy. must be able to do what?
Customers' experience, increase Organizations use data to improve what?
revenue, and reduce costs through
operational efficiency
A formal data management program. What can improve an organization's bottom line
and enhance its overall efficiency and success?
Data Governance This is the starting point, the set of rules and
decisions for managing data. It provides the
definitions, standards, and procedures for how data
should be used and by whom. Moreover, it defines
the controls and audit procedures that ensure
policy and regulatory compliance.
Data Preparation and Capture This includes internal data entry processes to
capture accounting transactions, customer data,
other operational information, and outside data
sources such as research material or financial
statistics.
, Data Access This entails knowing where the data is and how it
can be retrieved.
Data Quality This involves processes to make sure data is
accurate and usable for its intended purpose.
Data Integration This may be as simple as financial statements being
dynamically updated each time an accounting
transaction occurs. Data virtualization is a subset of
data integration that allows users to generate a
dynamic view of data without moving it or needing
temporary or intermediary storage of it.
Governance What are the 5 Data Management Functions?
Preparation & Capture
Access
Quality
Integration
Increased Overall Efficiency What are the benefits of data management?
Enhanced On-Demand Access to
Data
Sounder Decision-Making
Increased Overall Efficiency This can be achieved by eliminating data
redundancy and reducing duplication of personnel
effort.
Enhanced On-Demand Access to Integrated data allows for simple, straightforward,
Data and automated access. This is a benefit because
different users and situations require different
levels of data latency. For example, to determine
the risk associated with offering a new loan to a
high-value customer, real-time data is essential.
