LONDON, Oct. 21, 2022 (GLOBE NEWSWIRE) -- Dow Jones Risk & Compliance today announced that the internal controls of its sanctions platform and data set have been audited against the International Standard on Assurance Engagements (ISAE) 3000 (Revised). ISAE 3000 was developed by the International Auditing and Assurance Standards Board and is one of the most widely recognized standards used by accounting firms to independently assess a company’s internal control environment. This is the eighth independent review of Dow Jones’s sanctions platform and data set, and the fourth consecutive year that Dow Jones has undertaken a Type II reasonable assurance report.
The audit, performed by PricewaterhouseCoopers (PwC), assessed the design and operating effectiveness of the processes and controls over the sanctions platform and data set operated by Dow Jones’s global research team. PwC evaluated the internal controls in relation to the data-gathering processes, quality check controls, policies and underlying technology.
“Dow Jones has a rich tradition of providing customers the highest-quality data to make critical business decisions,” said Joel Lange, general manager of Dow Jones Risk & Compliance. “We are acutely aware that the work we do is visible at the board level within global banks and corporations, which means the importance of assurance around our data has never been greater. This report is an example of our commitment to provide customers with greater transparency and confidence in the quality of our products.”
Sanctions in the Spotlight
Dow Jones Risk & Compliance 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 set over the past year.
The 2022 report reveals unprecedented levels of sanctions activity following Russia’s invasion of Ukraine with a 151% increase in the volume of sanctions additions. The overall total number of additions, removals and changes rose by 57% year-over-year.
In addition to monitoring and curating lists published by major sanctioning bodies, Dow Jones also researches ownership structures to determine what subjects are owned or controlled by a sanctioned entity or individual. Dow Jones’s Sanctions Control & Ownership (SCO) content set has grown by 20% in the past 12 months, driven by a sharp increase in Russian and Belarusian-sanctioned entities and individuals since February 2022.
No Compromise on Quality
Though regulatory activity has increased at a tremendous pace, Dow Jones has continued its emphasis on delivering the most accurate and timely data on the market. Over the 12 months ending June 30, 2022, the average precision across Dow Jones Risk & Compliance data sets reached a very high 99.72%.
“Reliable and robust risk data has always been imperative, but sanctions arising from Russia’s action against Ukraine have put compliance in the spotlight like never before,” added Lange. “The extraordinary surge in sanctions activity combined with the unpredictability of updates from the major regulators has put increased pressure on compliance professionals. Against this backdrop, it is imperative that our customers are basing their compliance decisions on reliable, trustworthy sources.”
The Dow Jones 2022 Data Quality Report and PwC ISAE 3000 (Revised) Report are available to customers upon request. Further details are 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 is home to leading publications and products including the flagship Wall Street Journal, America’s largest newspaper by paid circulation; Barron’s, MarketWatch, Mansion Global, Financial News, Investor’s Business Daily, Factiva, Dow Jones Risk & Compliance, Dow Jones Newswires, OPIS and Chemical Market Analytics. Dow Jones is a division of News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV).
Media Contact
Louise Goodenday
louise.goodenday@dowjones.com
