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Hidden Money, Hidden Resources Dinero oculto, recursos ocultos OpenCorporates & Open Company Data Chris Taggart, Co-Founder & CEO.

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Presentation on theme: "Hidden Money, Hidden Resources Dinero oculto, recursos ocultos OpenCorporates & Open Company Data Chris Taggart, Co-Founder & CEO."— Presentation transcript:

1 Hidden Money, Hidden Resources Dinero oculto, recursos ocultos OpenCorporates & Open Company Data Chris Taggart, Co-Founder & CEO

2 Hidden Money, Hidden Resources Dinero oculto, recursos ocultos The largest open database of companies in the world

3 Hidden Money, Hidden Resources Dinero oculto, recursos ocultos why?

4 Hidden Money, Hidden Resources Dinero oculto, recursos ocultos Because… the corporate world is a complex place

5 Hidden Money, Hidden Resources Dinero oculto, recursos ocultos … and legal entities are the ground truth of the corporate world Facebook Inc Facebook Ireland Limited Edge Network Services Limited Facebook Ireland Limited Edge Network Services Limited Pinnacle Sweden AB Vitesse LLC Facebook Operations LLC Andale Acquisition Corp

6 Hidden Money, Hidden Resources Dinero oculto, recursos ocultos … and legal entities are the ground truth of the corporate world Facebook Inc Facebook Ireland Limited Edge Network Services Limited Facebook Ireland Limited Edge Network Services Limited

7 Hidden Money, Hidden Resources Dinero oculto, recursos ocultos …public records need to be ‘de- siloed’

8 Hidden Money, Hidden Resources Dinero oculto, recursos ocultos …we live in a data-driven world

9 Hidden Money, Hidden Resources Dinero oculto, recursos ocultos open ?

10 Hidden Money, Hidden Resources Dinero oculto, recursos ocultos Open is ‘better’ than closed Better for transparency Better for innovation Better for competition Better for sharing (especially cross- organisation or cross-border) Better for efficiency

11 Hidden Money, Hidden Resources Dinero oculto, recursos ocultos …and the data is hard to get

12 Hidden Money, Hidden Resources Dinero oculto, recursos ocultos most people don’t care about ‘open’

13 Hidden Money, Hidden Resources Dinero oculto, recursos ocultos But open has a secret weapon

14 Hidden Money, Hidden Resources Dinero oculto, recursos ocultos it’s better quality too

15 Hidden Money, Hidden Resources Dinero oculto, recursos ocultos Common proprietary data quality issues ProblemCause Data accuracyData is re-keyed. Few eyeballs. Often little downside to lying Gaps in dataHigh (& often duplicated) cost of data entry. Limited to payers Lack of granularityLegacy systems/data models hard to re-engineer in closed world Errors go uncorrectedFew feedback mechanisms Black box/No provenanceCan’t reveal (sometimes dubious) sources. Limits usefulness/trust IsolatedProprietary IDs are internal identifiers & are barriers to sharing & improved data quality

16 Hidden Money, Hidden Resources Dinero oculto, recursos ocultos Open identifiers particularly important: Global LEI Global Legal Entity Identifier landmark in identifiers Maps 1:1 with Legal Entities Data is free of charge and IP Free – cost borne by registering entity. Public good and improved quality Public benefit – Global LEI Foundation set up by Financial Stability Board, overseen by regulators Initially designed to solve identifier problems in financial markets, but being investigated by other regulators too


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