Purpose

The Strategy and Oversight Committee is responsible for setting the overall vision, strategy, and procedures related to Workday Finance and Foundation Data Model governance. It serves as a bridge between high-level university strategy and operational implementation of Workday Finance. Its purpose is to ensure that Workday financial data remains a strategic asset for Iowa State University, supporting informed decision-making, enhancing overall institutional effectiveness, and ensuring alignment with the university's mission, strategic objectives, and regulatory requirements.

Responsibilities

Procedure Formulation, Approval, and Enforcement

The Strategy and Oversight Committee:

  • Formulates, reviews, and ratifies Workday Finance data governance documentation and makes periodic updates when necessary.
  • Ensures that procedures are consistent, effective, and compliant with relevant laws and standards (e.g., FERPA, GDPR).
  • Reviews risk assessments and mitigation strategies.
  • Enforces governance guidelines and holds all Workday users accountable for adhering to it.

Workday Finance Data Approval and Conflict Resolution

  • The committee approves:
    • Foundation Data Model (FDM) worktag types and hierarchies, including definitions and usage.
    • Reorganization events.
    • Roles for approving changes and FDM maintenance.
  • The committee resolves appeals on FDM usage and Operational Committee decisions on an as needed basis.

Cross-Functional Collaboration

The Strategy and Oversight Committee:

  • Fosters collaboration among various stakeholders, including IT, finance, human resources, academic departments, and administrative units.
  • Promotes a holistic view of financial data in Workday, recognizing that financial data governance impacts all aspects of institutional operations.

Communication and Advocacy

The Strategy and Oversight Committee:

  • Serves as an advocate for Workday Finance and FDM data governance across the institution. It communicates the importance of financial data quality, security, and integrity.
  • Engages with faculty, staff, and students to raise awareness and build a culture of responsible financial data management.

Monitoring and Accountability

The Strategy and Oversight Committee:

  • Monitors the implementation of financial data governance policies and initiatives as they relate to Workday.
  • Holds responsible parties accountable for adhering to established guidelines.

Change Management and Education

The Strategy and Oversight Committee:

  • Oversees change management related to Workday Finance and FDM governance.
  • Ensures that stakeholders understand governance updates and adapt their practices accordingly.

Reporting and Transparency

The Strategy and Oversight Committee:

  • Reports progress, challenges, and achievements pertaining to the FDM to senior leadership and other relevant bodies. 
  • Maintains transparency by sharing information about FDM activities with the broader campus community.

Continuous Improvement

The Strategy and Oversight Committee:

  • Fosters a culture of continuous improvement.
  • Coordinates with the Operational Committee to regularly evaluate the effectiveness of Workday Finance and FDM governance efforts and adjusts strategies as needed.
  • Stays informed about industry trends, emerging technologies, and evolving regulations.

Committee Roles and Membership

The Strategy and Oversight Committee is comprised of executive-level representatives across campus with expertise and institutional knowledge of Workday Finance, HCM, and Student. 

Roles

  • Committee Chair: The Committee Chair establishes the agenda for each meeting, leads the committee, facilitates meetings, calls votes and ensures adherence to the committee's purpose and objectives.
  • Committee Secretary: The Committee Secretary coordinates meeting agendas with the Committee Chair and circulates meeting minutes and action items after each meeting.

Members

  • Associate Vice President for Finance
  • Associate Vice President of Financial Strategy
  • Chief Information Officer (or designee)
  • Controller
  • Legal Counsel (or designee)
  • Chief Human Resources Officer (or designee)
  • Academic Affairs Fiscal Officer
  • Student Services Fiscal Officer​​​​​​​

Purpose

The FDM Operational Committee focuses on day-to-day implementation and execution of Workday Financial Foundation Data Model governance practices. It ensures that procedures are followed, data quality is maintained, and risks are mitigated. To do this, the committee serves two primary functions:

  • Handle requests to change the FDM.
  • Monitor and report on FDM usage with an eye toward continuous improvement.

Roles and Responsibilities

Governance Framework Management and Administration

The FDM Operational Committee:

  • Administers Workday Finance FDM data governance policies as defined by the Strategy and Oversight Committee.
  • Advises on financial data risk assessments and mitigation strategies.
  • Manages the Workday finance data process flow from creation to maintenance to inactivation and deprecation of approved Workday finance dimensions and hierarchies.

Communication, Information, and Training

The FDM Operational Committee:

  • Coordinates communication of Workday finance data governance procedures among fiscal officers throughout the university.
  • Maintains the FDM data governance sections of the Controller's Department website.
  • Delivers end user training on Workday Finance FDM processes and procedures, through communication, knowledge transfer sessions, and formal training sessions as needed.

Workday Financial Data Security

The FDM Operational Committee:

  • Serves as the first line of defense against data risks and risk assessments.
  • Performs financial data audits as described in the Workday financial data governance documentation.

Workday Finance Data Execution and Maintenance

The FDM Operational Committee:

  • Identifies and maintains hierarchy ownership, descriptions, and use cases.
  • Maintains the FDM dictionary and data lineage, naming convention, and metadata standards.
  • Provides initial review of FDM change requests.
  • Maintains account posting role changes.

Committee Roles 

The FDM Operational Committee is comprised of operational and functional representatives across campus with expertise and institutional knowledge of Workday Finance, HCM, and Student and how the various Workday modules and Workday financial data impacts their respective units. Committee members are appointed by invitation only to serve different functions:

  • Data Stewards: Assigned from various departments (finance, HR, student services, academic, etc.). Responsible for financial data integrity within their specific domains.
  • IT Managers: Oversee technical aspects of Workday financial data management.
  • Compliance Officers: Ensure adherence to policies.
  • Business Analysts: Analyze data requirements and propose improvements.
  • Security Officers: Monitor access controls and security measures.
  • Strategy and Oversight Committee Liaisons: Some committee members will liaise with the Strategy and Oversight Committee by preparing materials and advising on best practices, as appropriate.