Struggling to manage and match in-house data with LEI data?
LEI Smart Matching
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.
The views expressed in this blog belong to LEI Worldwide.