A root cause of the 2008 financial crisis was the lack of a universal entity identifier that made it difficult for firms and regulators to assess market exposures to ‘at-risk’ financial organizations or failing institutions. The CreditDimensions Global Legal Entity Identifier (GLEI) solution promotes usage of high quality data required for regulatory reporting and achieving straight through processing in core business operations.
Using our toolset, on a daily basis, Data Stewards aggregate data feeds from all live Local Operating Units (LOUs) and map it against CreditDimensions gold database.
- On a daily basis aggregated global file is produced that is free from conflicts such as double registrations and others
- Given that LEI utility works on a self-service model and accuracy of information is at the mercy of the registrant; CDi solution adds value by proactively tracking and publishing updates.
CreditDimensions offers following engagement models for GLEI assignment and ongoing maintenance
Service Type 1: Managed Data Service:
*CDi stands for CreditDimensions
- At the onset, CDi will receive most recent copy of dataset and then onwards new request for LEI assignment and remediation
- CDi will setup a framework that will monitor all entities in scope and produce updates on a daily basis
- For new request ID requests, if name isn’t found in CDI database, a scalable pool of Data Stewards will enrich required data attributes. SLA can be put in place for guaranteed daily throughput and turnaround time
- Daily updates are published in an agreed file format. Full file is available upon request
Service Type 2: Daily Feed
CDi, consolidate and refresh GLEI database on a daily basis. Data feed can be picked up from designated SFTP server. Other data attributes can be provided upon requests.
MDM Solutions Architect/Unit Head, Creditdimensions Mr. Gaurav Malik, said, “With the continuous growth of GLEI registrations, GLEI as expected is becoming a qualified reference point for source system concordance. Data Competence centers still have a big role to play in ensuring rest of the information that follows the numbers is good for the business use.