Intelligent data defeats data decay
High quality client and hierarchy data is essential to maintain independence and manage risk for public accounting firms. The challenge is that legal entity reference data can decay at a rate of 1-2% per month, according to research. Yet, independence is binary - you are either independent or you are not. Risk decisions are based on the accuracy of the data. Bad data leads to bad decisions, which may result in fines, lost business opportunities, or damaged reputations. How should you approach the data decay challenge?
One approach to removing data decay is to simply buy more data from multiple data vendors. This approach relies on the presumption that more data is better. However, the fact that the haystack is bigger may make it more difficult to find the needle that impacts your business. The sheer quantity of data creates management costs and it tends to lead to a value proposition that quickly falls apart.
Our approach is different. We find the high impact data from the immense world of unstructured, publicly available data. We use our Cognitive Computing suite to ingest over 45,000 different data sources - website, regulatory filings, newswires, and more - and we identify legal entity actions that may impact the companies that you do business with each day. These legal entity actions are integrated seamlessly into end user applications through our technology, providing your users with the data needed to make the right independence and risk decisions with confidence.
Data quality decay can be overcome in an efficient manner. Get the right data at the right time for independence and risk concerns.
Contact Kingland to eliminate reference data decay today.