5.2: Standards
Expand data standardization efforts. Other Information:
Wise decisions are impossible without quality data, and government can play a key role in creating good data by expanding
standardization efforts. These initiatives are most powerful when they are international in scope and have support from cross-national
standards bodies, key regulators, and regulated industries. The same data that enables more effective and efficient decision-making
have already been successfully used by these industries. One such example is the project for global Legal Entity Identifiers
in the financial industry, promoted by the Financial Stability Board. This joint effort of global regulators, experts, and
standards bodies argued strongly that better information management leads to better risk management and corporate governance.
This type of effort, in conjunction with other attempts to apply the power of metadata and semantics to information objects,
makes the government's job easier while simutaniously reducing the burden on private firms.
Indicator(s):
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