Trailblazing Transparency: OpenCorporates Ushers in New Age of Corporate Data Integrity

July 22, 2023
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Key Takeaways:

  • OpenCorporates, the world’s leading provider of open legal-entity data, introduces Legal-Entity Data Principles.
  • These principles aim to tackle the prevalent company-data quality gap that threatens societal prosperity, sustainability, and fairness.
  • As the significance of AI and data in today’s corporate world continues to grow, the integrity and trustworthiness of legal-entity data become increasingly crucial.
  • The Principles will serve as a framework for users, regulators, and data producers to gauge, understand, and improve data quality standards in the domain of legal entities.

About OpenCorporates

OpenCorporates is a vanguard organization that has distinguished itself as the largest open legal-entity data source on a global scale. The company, which had its inception in 2010, takes pride in the accessibility and quality of legal-entity data it provides. Through its commitment to quality and transparency, OpenCorporates has successfully enhanced and supported numerous high-profile investigations, such as the Panama Papers, and continues to be a preferred choice for leading banks, businesses, regulators, journalists, and technology companies worldwide.

Bridging the Quality Gap: The Legal-Entity Data Principles

The ever-increasing pace, complexity, and automation of today’s corporate world have revealed a growing disparity in company-data quality. OpenCorporates’ CEO and Co-Founder, Chris Taggart, elucidated, “Legal entities are the fundamental atomic elements behind the entire business world. Yet legal-entity data is still largely built on obfuscation, proprietary identifiers, opaque data models, hidden bias, and restrictive access.”

In response to this, OpenCorporates has launched the Legal-Entity Data Principles, intending to address the problem at its core and enhance trust and quality within the business landscape. This new set of principles is constructed with rigorous consideration and can be adopted freely by anyone who engages with legal entity data.

Taggart further stated: “We believe the Principles provide a framework of verifiable trust and create new benchmarks for foundational data in this domain. Users and regulators now have a tool by which they can judge what good looks like, and data producers have a standard to which they can work towards.”

Establishing Trust and Integrity

OpenCorporates’ revolutionary approach has received commendation from industry leaders. Hicham Outghiri, CEO at Enigma, a leading data-analytics company, praised OpenCorporates: “Their data process is consistently thoughtful & transparent, and it shows in the quality of their data. It is inspiring to see them innovate and at the same time maintain a principled approach to tackling massive challenges in the supply chain of data.”

The Legal Entity Data Principles represent seven tenets that promote accuracy, dependability, and trustworthiness, including sourcing data from official primary sources, ensuring transparent data collection decisions, implementing full audit trails, using established standards, real-time data availability, a comprehensive perspective for data quality, and open access as an essential component of data quality.

A Leap Towards Greater Transparency and Accountability

With the introduction of these groundbreaking Principles, OpenCorporates reaffirms its dedication to improving data integrity and transparency. This commitment fortifies its reputation as the trusted authority in legal-entity data, thereby empowering businesses, researchers, and policymakers worldwide.

To learn more about OpenCorporates and their innovative Legal Entity Data Principles, please visit their website at https://opencorporates.com/legal-entity-data-principles/.

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