Legal Entity Identifiers special report
April 2015 -- Sponsored by SIX Financial Information
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Shaping Risk Management
Just as data quality is the ideal to be pursued through certain data management tasks and actions, as described in this month's main issue, so it is an ideal for working with legal entity identifiers (LEIs) - and something that the use of LEIs can elevate, as participants in the Virtual Roundtable in this special report make clear.
Data quality is critical to LEI adoption, says Sam Auxier of Deloitte & Touche, but many gaps still exist in LEI data, its quality and consistency, notes ANZ Institutional Bank's Mark Bands. The data quality of LEIs is only going to become more important as LEI issuance and adoption grows, according to SIX Financial Information's Darren Marsh.
The users of LEI data will have to share the lessons they are learning from trying to improve the quality of that data, says Bands. By the industry as a whole checking and correcting LEIs, widespread adoption becomes more likely, as Auxier sees it. The broadest possible participation by those with LEI expertise, but under standard formats and practices, is necessary to improve the quality of LEI data, according to Marsh.
With higher quality LEI data, doors open, as our Roundtable participants point out. LEI data gains strategic value for risk data aggregation, Bands notes. The hierarchy data that the LEI provides also better supports risk management work, says Auxier. And, inevitably, the LEI can produce efficiencies, Marsh says, noting the consistency it creates and the need for reconciliation it decreases. While these executives all point to steps that need to be taken to complete LEI adoption, they all see that adoption will increase and the resulting benefits will have room to grow.
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