What controls does Morningstar have in place to ensure the integrity of the data?
Morningstar has thousands of validations in place to ensure the information presented in the database is reliable and accurate. Validations can for example be can be category based, related to a time series, or maximum/minimum values. Morningstar has a set of quality checks that are in place from the email level when we receive the raw data from fund managers all the way through loading data and performing calculations. One type of a validation is tolerance levels for subsequent unit prices. For example, the database will flag any unit price for a fund that has a price variance greater than the specified allowed variance. Similar controls exist for other data points including category assignment, asset allocations, sizes and distributions.
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