With the launch of a new legal entity identifier (LEI) looming, the financial services industry needs to get ready to ensure efficient and timely implementation of the new standard. Both firms and vendors will have to review existing data, processes and systems, and make any necessary changes before the LEI can be successfully rolled out globally.
An exclusive WatersTechnology survey of senior data management decision-makers in international financial institutions reveals that a large number of firms are yet to embark on this process. Although many have assessed what changes need to be made, only a minority have moved on to the next step where they have started making any of the necessary changes to entity data processes and systems, and almost one in three firms have not started working on an LEI project at all.
Now is the time to promote the LEI internally and make sure senior management understands the potential benefits that can be realized by investing more in improving data management as part of an LEI project.
More from Inside Reference Data
Updating your subscription status
Work with us on your Integrated Marketing Campaigns
WatersTechnology offers a full range of custom research, surveys, webcasts, video and whitepapers for firms looking to demonstrate thought-leadership through their marketing campaigns and generate sales leads.
We have truly entered the Age of Bring Your Own Device, or BYOD. And as with every new era fuelled by innovation, the new challenges are screaming for...
Complex, dated and unwieldy data infrastructure is not uncommon among even the most progressive companies in the world of finance. As financial regulations...