The international LEI compliance program is expected to be launched by March 2013 and is aimed at easing and standardizing the identification mechanism of all financial institutions thereby enabling regulators to better scrutinize global financial transactions and identify, measure and monitor emerging and systemic risks.
iGATE's proprietary reference and data rationalization (RADAR) tool provides the first defining step towards an informed data remediation, migration, redesign or rationalization program in preparation for LEI, the company said.
In preparation for the LEI implementation, financial institutions will need to take several steps, including: examine their data environments and launch remediation projects to improve data quality; address deficient data governance practices; correct inefficient client onboarding practices; aggregate, improve and integrate reference data environments; map to vendor codes; create hierarchies; validate ownership relationships; clarify roles performed; and, finally, cross reference all of their existing entity identifiers to issued LEIs and feed the LEI-enriched data to OFR systemic risk surveillance systems.
Fred Cohen, group vice president and global head of banking and financial services at iGATE, said: "LEI will have infrastructure implications throughout the institution. iGATE has developed solutions and operations that are currently empowering our clients with comprehensive data lineage to efficiently rationalize and remediate their reference, entity, liquidity risk and counterparty environments. The recent endorsement of global implementation of LEI by the G-20 has also heightened the focus on this initiative."
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