Managing conformed dimensions

I have the following scenario

1. there are common/conformed dimensions (like country, currency, date etc) managed by a central group within the organization

2. There are other key dimensions (like project, loans etc) which are owned and managed by respective lines of business (LoBs) and these dimensions are also used for integrating and reporting data across business units. These dimensions can have hundreds of attributes used by the LoBs, but the corporate reporting would need only a subset of them. The proposal is to treat these dimensions as conformed as well though managed by LoBs and expose a view of these dimensions with a subset of attributes for corporate reporting (common bus). Are there any potential issues with this approach? Appreciate any input/guidance.

Nope. Its a fairly common scenario.