At Lakant, we are committed to delivering the highest quality data for our index data feed products. Our robust data quality processes ensure the integrity, accuracy, and reliability of the data we provide to financial institutions. This page outlines the comprehensive workflow we employ to maintain exceptional data quality standards.
Technical Controls
Our technical and ex-ante controls form the first line of defense in ensuring data quality. These proactive measures focus on the structure, format, and timely delivery of data files before they are processed and integrated into our systems. This comprehensive approach minimizes the risk of errors and ensures that any potential issues are detected early.
File Transfers and Availability
File Monitoring: Automated monitoring for unwanted changes in file formatting. Alerts for missing files, partial transfers, or modifications. Swift corrective actions upon detecting irregularities.
File Availability: Regular checks to confirm file receipt and availability. Ensuring timely delivery, flagging, and investigation of delays or missing files.
File and Field Format Verification
Format Changes: Checks to ensure files meet predefined format standards. Verifying file structure (rows and columns) against expected templates. Rejection and notification to data providers for discrepancies.
Field Formats: Validation of data fields to meet specifications.
- Rows and Columns: Avoiding truncation or data loss.
- Field Types: Correct formats for dates, numbers, text strings.
- Consistency: Uniform formats across files and sources.
Data Integration and Pre-Processing
Data Standardization: Standardizing data before integration. Converting units, normalizing formats, mapping fields to schema.
Validation Against Source Documents: Cross-checking data with original documents for accuracy. Ensuring data matches official vendor records.
Real-Time Monitoring and Alerts
Real-Time Alerts: Real-time alerts for anomalies during file transfer and processing. Immediate response to minimize data errors.
Logging and Reporting: Logging monitoring activities and anomalies. Detailed reports for issue insights and resolution actions.
Functional & Data Ex-Post Controls
Our functional and data ex-post controls focus on verifying the accuracy, completeness, and reliability of the data after it has been processed and integrated into our systems. These controls are crucial for maintaining data quality and ensuring that any anomalies are detected and addressed promptly.
Index & Constituents Level Controls
Data Freshness: Regular updates to reflect the latest market data. Automated scripts ensure timely data updates.
Data Jumps: Automatic identification of erroneous spikes or drops in prices & analytics
Mandatory Data Availability: Monitoring critical data points like price types (Price, Net, Gross).
Calculated/Cross Level Controls
Sum of Weights: Verifying that the sum of constituent weights within an index equals 100%. Ensuring correct index composition balance.
Constituents Count: Regular verification of the total number of constituents. Ensuring the count matches the expected number.
Roll-Up Performance: Ensuring consistent and accurate aggregate performance measures (e.g., total return, average yield). Reflecting the combined performance of all constituents.