The Workday Finance Foundation Data Model governance framework applies to all employees, contractors, university affiliates, third-party suppliers, and students who have access to Workday Finance data. It covers the entire lifecycle of data, from collection and entry to storage, retention, and deletion.

Metadata Standards

Naming conventions and guidelines for each worktag type are outlined on each worktag page. All Workday Finance users are expected to adhere to these guidelines.

Data Definitions and Classifications

The Controller’s Department maintains and periodically updates the FDM dictionary, which outlines worktag descriptions, purpose and use cases. Updates made to the FDM dictionary are also published to the appropriate worktag page on this site.

Record-Keeping Requirements

Records of data governance activities, including documentation, policies, and audit reports are maintained in accordance with legal and regulatory requirements.

 

Risk Assessment

Risk assessment involves identifying and controlling potential risks that could negatively impact the university's financial data governance practices. This process includes recognizing vulnerabilities, analyzing potential threats, and evaluating the likelihood and impact of risks on data integrity, security, and compliance. Risk management aims to proactively address and mitigate risks to ensure the effective and secure management of Workday Finance data and the FDM.

  • Data Ownership and Access Audit: The Operational Committee conducts an annual audit of all Workday Finance hierarchy owners and finance-related security roles to ensure the right people–no more, no less–are assigned the correct roles to access, create, and maintain financial data. The Operational Committee, in collaboration with IT, may revoke security role assignments from former employees, workers whose jobs/positions have changed, and any finance user with a pattern of financial data entry errors or access abuse.
  • Collaborative Culture: The Workday Finance Strategy and Oversight Committee encourages an "if you see something, say something" culture. If you observe suspicious Workday Finance activity, report it immediate to the Strategy and Oversight Committee, Operational Committee, or Controller's Department.

Legal Requirements

The Financial Data Governance committees consider requests for changes to the FDM on the basis of impact to financial reporting requirements.

Periodic Governance Reviews

The Strategy and Oversight Committee periodically reviews data governance documentation to assess its ongoing relevance, adherence to standards and legal and regulatory requirements, and effectiveness in achieving financial data governance objectives. The committee proposes, discusses, and ratifies revisions as necessary.

Revision Protocols

  • Proposal Submission: Any Workday Finance user may submit a proposal to change the Workday Finance Foundation Data Model governance documentation. The proposal must outline the purpose and business, regulatory, and/or legal need for the recommended changes. You may submit a proposal to the Strategy and Oversight Committee Chair and Secretary at any time via email. 
  • Preliminary Review: The Committee Chair and Secretary review the proposal first and preliminarily assess the proposal's relevance, significance, and alignment with the university's financial data goals and compliance requirements. If the Chair and Secretary find no immediate grounds to deny or dismiss the proposal, it will be brought to the full committee.
  • Impact Assessment: The committee will identify a small team of appropriate committee members to assess and evaluate the potential consequences of the proposed changes on financial data governance processes, systems, resources, and stakeholders. This assessment may include considerations such as cost, feasibility, and potential risks. 
  • Vetting Process: The team of committee members will coordinate with appropriate key stakeholders (legal, compliance, IT, HR, finance, academic, etc.) to collect their input and feedback. Stakeholders will review the proposal based on their expertise and provide insights into any potential challenges or improvements.
  • Revision and Approval: Based on feedback received, the smaller committee team may revise and refine the proposal. Once satisfactory revisions are made, a representative of the team will present the proposal and stakeholder findings to the full Strategy and Oversight Committee for final approval and voting.
  • Voting and Ratification: After sufficient debate and discussion among the committee, the Committee Chair will call for an up or down vote on the proposal. Policy changes require a 2/3 majority in favor of the changes for ratification. Upon approval and ratification, the Committee Secretary documents the policy change in the meeting minutes, communicates changes to all relevant parties, and updates the policy documentation. After ratification, the committee will discuss and reach consensus on the timeframe in which the policy updates will be made, ensuring proper communication and training, if needed, to affected employees.

Periodic Audits and Review

A review of journals and financials occurs as part of the year-end period close process. The Financial Accounting Reporting Team will circulate potential errors, inaccuracies, and questions to the appropriate individuals with requests to make corrections or provide clarification on journal entry criteria. Audit findings and patterns will guide continuous improvement initiatives over time.