Addressing the Growing Need for Trusted and Authoritative Counterparty/Legal Entity Data
The need to improve transparency and accuracy in counterparty risk is in great demand following the recent financial crisis. New regulations including Basel III, MiFiD II, and Dodd Frank all depend on having comprehensive, accurate, and trustworthy counterparty/ legal entity data. Unfortunately, years of traditional business silos, duplicate data vendors, lack of formal governance policies, and no standard global identification system has led to counterparty data fragmentation and discrepancies that pose significant threats to the global financial industry and economy.
These issues include:
Invalid counterparty names and legal entity information
• Poor data quality from incoming sources
• Duplicate records across systems
• Inaccurate or incomplete legal hierarchy information
• Lack of cross referencing between counterparties
• Difficultly sharing counterparty data between systems
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