ACE ACORD Expert Data Governance & Quality Management 1

Question 1

What is the primary goal of data governance in an insurance organization implementing ACORD standards?

Accepted Answer

Ensuring data is accurate, consistent, accessible, and protected across its lifecycle

Answer

Data governance establishes policies, roles, and processes to maintain data quality, integrity, and security throughout its lifecycle in alignment with ACORD's interoperability objectives.

Question 2

Which ACORD initiative provides a common data model and dictionary for the property-casualty insurance industry?

Accepted Answer

ACORD Property & Casualty Data Model (PCDM)

Answer

The ACORD P&C Data Model (PCDM) defines standardized entities, attributes, and relationships for property-casualty data, enabling consistent data exchange and analytics.

Question 3

What are 'data stewards' responsible for within an insurance data governance framework?

Accepted Answer

Owning and enforcing data quality rules for specific data domains

Answer

Data stewards are business subject-matter experts accountable for defining, monitoring, and enforcing data quality standards within their assigned data domain.

Question 4

Which data quality dimension measures whether a data element contains a value when one is required?

Accepted Answer

Completeness

Answer

Completeness assesses whether required fields are populated; missing values in mandatory insurance data fields (e.g., insured name, policy number) reduce completeness scores.

Question 5

In the context of ACORD data standards, what is a 'canonical data model'?

Accepted Answer

A single, authoritative data representation used to mediate between different systems and formats

Answer

A canonical data model serves as the neutral, authoritative hub format that translates between disparate source and target systems, which is the basis for ACORD's interoperability approach.

(ACE) ACORD Certified Expert Practice Test

(ACE) ACORD Certified Expert Practice Test

ACE ACORD Expert Data Governance & Quality Management 1