Business Entity Data special report

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LEI Laurels
The message that emerges in the Virtual Roundtable of this special report, covering business entity data, is that the "LEI of the Land" is such that the industry shouldn't rest on its laurels over legal entity identifier (LEI) implementation. As Rui Carvalho from S&P Capital IQ points out, Basel III and Solvency II-and related risk management concerns highlighted by these regulations-are the next areas where the industry must ensure that business entity data is constructed to ensure compliance and prevent risk.
This follows the broader timeline of regulatory trends in the reference data space. The LEI dominated discussion for about a year, but is beginning to share the spotlight with Basel III, Solvency II and the Basel Committee on Banking Supervision's data aggregation and reporting standards implementation timeline that runs from 2013 to 2016. But for now, data quality and consolidation efforts are figuring prominently in business entity data efforts, as Roundtable participants from HSBC and ISITC say.
Obtaining the highest business entity data quality requires cooperation throughout a firm and alignment of client information across silos, said Peter Serenita of HSBC. Basel III and data quality efforts will strengthen data consolidation efforts, said Tom Brown of ISITC's regulatory working group and Brook Path Partners.
The industry can hope that accomplishing LEI implementation and the business entity data efforts that has spawned will raise the data quality to a height that compliance with the next regulations on its agenda will go smoother.
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