Simply put, it is a report that defines the completeness and accuracy of data provided by various Global Legal Entity Identifiers. There are several standard factors and test methods followed by GLEIF, the non-profit organisation to check the quality of the data and they perform this quality analysis process every month. They publish the Global Data Quality Reports on their website for public access.
So, what are the factors they check? How these global LEI data quality reports help people? Here is a simplified brief for our readers to give you a better understanding of the report.
The report isn’t an aggregated report of the LEI’s total tenure – it is generated every month as a fresh. It isn’t affected or influenced by the previous moths’ reports. So, if you want their quality report for a different month, you have to search exclusively for that.
LEIs like KYC Lookup constantly works on improving their data quality by rectifying the errors and missing data. After all, no one wants a negative rank on these reports and this part highlights the progress of the LEI compared to the earlier month. However, due to several limitations and high competition, often the graph may go down.
Top Five LEIs
With growing awareness across the world and demand of high quality LEI data, every LEI is struggling to expand and optimise their database with more accurate information. The report declares the top five country names that performed best in a given month’s test. Definitely, it helps people to choose the right LEI data provider for them.
GLEIF checks all the data of the LEIs as per their own standard to find out what percentage of data passes the test properly. It denotes an overall data quality provided by the LEI.
The traffic of LEI search UK is increasing every day and thus the need to know the data quality has become very essential for everyone. So, GLEIF has segregated the LEIs in three maturity level where Level 1 is lowest maturity standard and Level 3 is the highest. The organisations which don’t meet their basic requirement criteria are knocked out from the report. The maturity level is noted on the top right corner of the reports and the meaning of these reports are as follows:
- Level 1 – Required Quality: An LEI must achieve 100% data records to get Level 1 maturity stamp.
- Level 2 – Expected Quality: The LEIs which has more than 100 percent data are flagged as Level 2 maturity.
- Level 3 – Excellent Quality: This hallmark is given to those LEIs that have higher score than the Level 2 institutions. As this is the ultimate level, there is no upper capping in the percentage.
So, whenever you use any LEI, it is strongly suggested that you have a look into their report at GLEIF to get genuine and highest quality data.