Final answer:
The Reference Data Management Process ensures the systematic management of reference data including code sets and values, vital for data consistency across an organization's systems.
Step-by-step explanation:
The Reference Data Management Process aims at a systematic approach to manage reference data, including code sets and code values. Reference data is a special subset of data that is used by multiple systems across an organization to classify and categorize other data. It includes sets of permissible values that are used by other data fields such as countries, currencies, or product codes.
Managing reference data effectively is essential for ensuring data consistency and reliability across various applications and databases within an organization. This process involves the standardization of reference data, ensuring it is always up-to-date, managing changes over time, and governing how this data is used across different systems to prevent inconsistencies and errors. Reference data management is crucial in areas such as finance, healthcare, and logistics where the correct classification of data is pivotal for the operation of business processes.