Avox, the DTCC’s wholly owned subsidiary specializing in legal entity reference data, reports that it has received International Standard Organization (ISO) 27001 certification from the British Standards Institution.
The ISO 27001information security standard “certifies that Avox has the requisite information security controls in place to protect client data,” Avox says. “The certification is awarded only to those companies that can meet the standard as judged by an independent, accredited team of auditors.”
The DTCC subsidiary “sources and manages legal entity data for financial institutions across 255 jurisdictions and has validated reference data associated with more than 1.8 million entities,” according to the Avox statement. “This number continues to rise as an increasing number of market participants rely on the firm to facilitate compliance with entity data management best practice, risk management and reporting regulations, including EMIR, Dodd-Frank, FATCA and other mandates around the world.”
“We recognize that the ability to prevent security breaches and protect data from being compromised is of utmost importance to our clients,” Mark Davies, Avox general manager, says in the statement. “As more firms look externally to companies like Avox to provide managed data services, we continue to thoroughly identify and address data security risks to meet our clients’ information security needs on an ongoing basis.”
Avox, founded in 2003 “in cooperation with several financial institutions,” operates within a “community that collectively addresses client, issuer and counterparty data quality issues. The community participants, which include some of the largest banks and asset managers in the world, both contribute and subscribe to a shared pool of data, processes and resources.”
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