Struggling to manage and match in-house data with LEI data?
Legal Entity Identifier reporting can become rigorous and time consuming when dealing with thousands or even hundreds of thousands of entities. Matching in house entity data with their corresponding LEIs is disproportionately time consuming, risky and cost-inefficient.
LEI reporting is currently regulated and checked globally. There are over 116+ mandates requiring the LEI globally. Commonly, large financial institutions such as financial intermediaries, banks, and specialists in Regulatory Compliance are required to match their in house data with what is on the global LEI index.
Luckily, there is a solution which will save time, effort, resources and money.
LEI Smart Matching
With our new service ‘LEI Smart Match’ our professional analysts will use our expertly engineered text matching algorithms to quickly sort through swathes of data mapping out where the pitfalls are and what is good to go, allowing your regulatory compliance professionals sleep at night.
Organisations with high volumes of Entity Data such as FIs can find it very strenuous and challenging to map out in-house entity data to existing LEI data. Smart Match uses advanced text matching algorithms to improve match rates and speed the process.
Conduct an LEI Check Up or LEI Audit
An LEI audit is an annual checkup for your data Just like a yearly car service provides insights into your motors health, an LEI audit offers insights into the health (i.e., accuracy) of your legal entity data.
Like a car service, an audit consists of diagnostic tests and procedures to determine if everything’s okay with your data. An LEI audit not only detects problems, but it also corrects them.
The 20 character LEI ID is static, but the data it references changes. Events such as:
❗️merger, acquisition, bankruptcy or dissolution
❗️legal name change
❗️address or jurisdiction change
❗️overdue renewals of your firm’s own LEIs
These all result in critical LEI data updates. Not updating your in-house data to reflect these changes will lead to operational errors and the submission of inaccurate transaction reports to regulators. This can lead to fines or financial penalties.
In the case of managing LEI data correctly an ounce of prevention is worth more than a pound of cure. An LEI audit typically pays for itself several times over and gives you one less thing to worry about.
