ACT-IAC White Paper: Unique Entity Identifiers and the Global Legal Entity Identifier (LEI): A Potential Cornerstone for Transparency of Federal Spending Data and the DATA Act
Unique Entity Identifiers and the Global Legal Entity Identifier (LEI): A Potential Cornerstone for Transparency of Federal Spending Data and the DATA Act
Developed by the Financial Management Committee, Collaboration and Transformation Shared Interest Group
Date Released: July 2015
Congress introduced the Fraud Reduction and Data Analytics Act of 2015. This Act requires every agency to establish financial and administrative controls to identify, assess, monitor, and report fraud risk. The purpose of the Act is to design and implement control activities to prevent, detect, and respond to fraud and abuse, including: improper payments that include the integration and adoption of appropriate risk management processes and systems to identify risks, challenges, and potential threats.