Which of the following is NOT a risk of Master Data Management?

The choice of identifying critical data elements is recognized as a fundamental activity in Master Data Management (MDM) rather than a risk. Identifying these elements is essential for ensuring that the right data is managed appropriately and is crucial for establishing a common understanding of the data that the organization relies upon.

MDM focuses on creating a single, accurate view of critical business data, which necessitates identifying what constitutes critical data. This process helps to facilitate better data governance, data quality, and data integration across the organization.

In contrast, the other options pertain to challenges or risks associated with MDM. Established consensus for coordination and collaboration is necessary but can be difficult to achieve, leading to potential risks. Data ownership involves the complexities of defining who is responsible for specific data sets, which can create governance challenges. Differing semantics in form, function, and meaning can lead to misunderstandings and inconsistencies in data usage, ultimately impeding the effectiveness of MDM initiatives.

Thus, identifying critical data elements is an essential part of the MDM process, while the other options reflect the risks that organizations face in managing master data.