Reference Data Testing

Incorrect reference data accounts for the largest proportion of regulatory reporting errors.

Our Reference Data Testing service identifies errors in static data to ensure it is fit for your reporting requirements.

Key features

Reference Data Testing is an automated, managed service with testing taking place periodically depending on your trading volumes.

The service:

Executes a range of tests to counterparty and client static data to check for accuracy
Tests the full population of reference data for complete mappings to the appropriate identifiers
Assesses the use and allocation of internal identifiers
Normalises legal name and address
Includes real-time checking of Legal Entity Identifiers (LEIs)
Can be tailored for particular jurisdictions. For example, for Dodd Frank Reporting – are they a US person?

Why is Reference Data Testing important?

If your reference data is incorrect, it can impact multiple trades across many different jurisdictions. Our analysis of FCA fines for transaction reporting breaches found 42% of errors were due to issues with reference data.

Inaccurate reference data can have a knock-on effect on your reporting quality across all jurisdictions, leading to regulatory scrutiny, costly remediation and the possibility of fines.

“A valued, effective process to identify static data issues which is a fundamental issue reporting firms face and is a common problem associated with reporting errors. ”
Executive Director – Regulatory Operations – Tier 1 Bank

Reference Data Testing

For a free healthcheck of your reporting, please get in touch.

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