LONDON, Dec. 20, 2021 (GLOBE NEWSWIRE) — The Dow Jones Risk & Compliance Sanctions Platform and Data Set have been audited against the International Standard on Assurance Engagements (ISAE) 3000 (Revised) for the seventh consecutive year.
Developed by the International Auditing and Assurance Standards Board, ISAE 3000 is one of the most widely recognized standards used by accounting firms to independently assess a company’s report regarding its internal control environment.
The audit, performed by PricewaterhouseCoopers (PwC), evaluates the design and operating effectiveness of internal controls over the sanctions platform and data set operated by the Dow Jones global research team. PwC assessed the controls over the monitoring, processing and updating of sanctions information, as well as company-level, technology and quality check controls to affirm the quality of Dow Jones data.
“We pride ourselves on being the source of truth for those seeking to manage regulatory and reputational risk,” said Jan-Coos Geesink, general manager, Dow Jones Risk & Compliance. “Our 2021 ISAE 3000 audit and Data Quality report are testament to the rigor and expertise of our research team, and our commitment to providing the most accurate, timely and relevant information in the industry.”
Dow Jones has also released its annual Data Quality Report, which details how its data performs against quality benchmarks and the growth of its content and data sets over the past year. Key highlights from the 2021 Dow Jones Risk & Compliance Data Quality report include:
- Content accuracy: Over the 12 months ending June 30, 2021, average precision was maintained at a very high 99.54%. Accuracy of Dow Jones’s profile names and alias data was 100% when compared against six significant sanctions list groups. Dow Jones performs almost 500 quality checks every month as part of its accuracy assurance process on new and existing profiles.
- Timely response to Brexit: The end of the Brexit transition period resulted in the total overhaul of the UK’s consolidated sanctions list, including over 2,100 sanctioned subjects listed within the Risk & Compliance database. Dow Jones analyzed the data requirements and devised a process to minimize the impact on customers, actioning all changes deemed as material to the screening process within two days. In January 2021, Dow Jones also enhanced its Sanctions Control & Ownership (SCO) content set, to cover those corporate entities owned or controlled by those subject to asset freeze on the HM Treasury Consolidated List.
- New Military End Use Content Set: Dow Jones has continually added content sets in response to the evolving compliance landscape. This year, Dow Jones launched the Military End Use Associated Entities content set to help address the challenge of complying with Export Administration Regulations. This content identifies corporate entities that are 10% or more owned or controlled by those listed by OFAC as Non-SDN Chinese Military-Industrial Complex Companies or those identified by the U.S. Bureau of Industry and Security as Military End Users. This structured data complements the Due Diligence service that also addresses this challenge.
- Expanded coverage: Dow Jones has extended Money Services Businesses (MSB) coverage to include licensed MSB in the Philippines. It also now offers expanded trade compliance data, bundling Dual-use Goods data with other datasets (vessels, sanctions and others) in RiskCenter Trade Compliance.
In the past year, Dow Jones’ risk database has grown to 3.5 million consolidated profiles, covering politically exposed people, adverse media entities, state-owned companies, and sanctions.
The Dow Jones 2021 Data Quality Report and PwC Report are available to customers upon request. Further detail on both reports is available here.
About Dow Jones
Dow Jones is a global provider of news and business information, delivering content to consumers and organizations around the world across multiple formats, including print, digital, mobile and live events. Dow Jones has produced unrivaled quality content for more than 130 years and today has one of the world’s largest news-gathering operations globally. It produces leading publications and products including the flagship Wall Street Journal, America’s largest newspaper by paid circulation; Factiva, Barron’s, MarketWatch, Mansion Global, Financial News, Dow Jones Risk & Compliance and Dow Jones Newswires. Dow Jones is a division of News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV).