Avox analysts receive data in work queues. Although different customers may require different fields to be cleansed, the broad methods used for cleansing are the same, and are strictly adhered to.
Many customers use different abbreviations and inconsistent formats within their data, which can make the task of identifying entities very complicated. The Avox 'Data Standards Manual' lists abbreviations that have been identified in our clients' data sets together with the appropriate interpretation. Customer records frequently contain identifiers (e. g. SWIFT/BIC codes, tax identifiers, company registration numbers) and these are used, where possible, to establish the full name of the entity in question.
All records are checked against the Avox corporate actions database to establish whether they have been involved in recent commercial activity. This check is also performed against a minimum of three external sources.
The record is then checked against the Avox Core database to see if it connects with a pre-cleansed, multi-sourced Avox record. If it does match, the Core record is then 'refreshed' (using the existing audit trail) to ensure the Core record is not 'stale'. The audit trail lists the external sources originally used to validate the record. The client record is connected to Avox and, as a result, to the industry.
Avox works closely with a large number of external sources to confirm the accuracy of entity information. Specific projects may require a variation in the sources used, but the following will always be consulted: company registries, securities registries, news services, company websites, and industry-specific registries. This is another example of how Avox connects.