The Global Legal Entity Identifier Foundation (GLEIF), the body responsible for ensuring the operational integrity of the Global Legal Entity Identifier (LEI) System, has launched its data quality management program.
Based on a set of clearly defined criteria, the program allows the quality of the LEI data pool (the publicly available information on legal entities identifiable with an LEI) to be monitored, assessed and further optimised. The first monthly report, published today, reflects the very high level of data quality already achieved in the Global LEI System.
The LEI connects to key reference information that enables clear and unique identification of legal entities participating in financial transactions. The public LEI data pool, which is accessible on the GLEIF website, is a global directory that greatly enhances transparency in financial markets. The data pool’s ability to meet this objective relies on the availability of trusted, open and reliable data.
The GLEIF data quality management program drives forward continuous optimisation of the LEI data pool. To clarify the concept of data quality with regard to the LEI population, GLEIF has defined, in close dialogue with the LEI Regulatory Oversight Committee and the LEI issuing organisations, a set of measurable quality criteria using standards developed by the International Organisation for Standardisation (ISO). The criteria include the completeness, comprehensiveness and integrity of the LEI data records. By instituting a set of defined quality criteria, GLEIF has established a transparent and objective benchmark to assess the level of data quality within the Global LEI System. GLEIF initiated the process of evaluating the quality of the LEI data pool based on these criteria in Q4 2015.
In addition, GLEIF has developed a methodology to score the quality level of LEI data. The score represents the percentage of all LEI data records that successfully passed checks against defined quality criteria during the reporting period. These checks identify, for the time being, whether the data records are consistent and plausible.
Today, GLEIF published its first monthly data quality report summarising results of the quality assessment as of the 31of January 2016. The report demonstrates the very high level of data quality achieved in the Global LEI System to date. In January 2016, the LEI Total Data Quality Score was 99 percent out of a possible 100 percent. The report also identifies the five LEI issuing organisations that delivered the highest data quality in that month.
The GLEIF website (www.gleif.org) contains more information on the GLEIF data quality reports, including: quality criteria and associated definitions; checks performed; and the methodology used to derive the LEI Total Data Quality Score.
GLEIF CEO, Stephan Wolf (pictured), says: “The introduction of the GLEIF data quality management program ensures that the LEI remains the industry standard best suited to providing open and reliable data for unique identification management. In cooperation with the LEI issuing organisations, GLEIF focuses on further enhancing the reliability and usability of LEI data to benefit users across the global marketplace.
“Going forward, the GLEIF data quality management program will continue to evolve by gradually implementing previously defined quality criteria and corresponding controls.”