What’s New?

Why it’s important to renew LEIs in India?Why it’s important to fill in multiple contact details on your LEI application?Why transfer existing LEI to LEI Register India?GLEIF’s verifiable LEI issuer qualification programWhat are Child Entities and How do They Relate to Other Entities?Do I need an LEI when selling shares?Business Transparency: How to Create an Environment of TrustAnti Money Laundering (AML) in Banking: Everything You Need to KnowKYC in Banking: Why It’s Important and How to ComplyCorporate Structures Demystified: What You Need to KnowNews from RBI for BorrowersWhat is a parent company and how does it work?How long does it take to get an LEI?RBI demands borrowers with total exposure of ₹5 crore and above to obtain LEIWhat is beneficiary LEI? ISO 5009 – Identifying organizational rolesISO 17442 – Standard for LEI code structureESRB discusses the future of LEILegal Entity Identifier for Cross-border TransactionsLegal Entity Identifier (LEI) vs Permanent Account Number (PAN)Is LEI and CIN the same?Who is an LOU in the LEI Dimension?LEIL vs LEI RegisterGMEI Utility vs LEI RegisterLapsed LEI – Why should you keep your LEI active?Who is an LEI Registration Agent?Are LEIs public?What is LEI transfer?Can an individual have an LEI?Who needs an LEI number?Do LEI numbers need to be renewed?Why is an LEI number required?How much does an LEI number cost?LEI Lookup – Fully dedicated LEI search websiteLEI RBIISIN to LEI mappingGLEIS | Global LEI SystemMiFID regulation | MiFID II LEIvLEIGLEIF | Global Legal Entity Identifier FoundationCompany Autocomplete by LEI RegisterOpen LEIEuropean Market Infrastructure Regulation | EMIRWhat is an LEI database?India LEI regulationsDocuments Required for LEI Registration – LEI Requirement ExplainedLEI Full Form in BankingNo LEI Login Required with LEI RegisterHow to Download LEI CertificateNew Legal Entity Identifier (LEI) Regulations for Insurers and LoanersLegal Entity Identifier India: Extension of March 31 2020 deadlineLegal Entity Identifiers in CryptocurrencyLEI Entity Search for IndiaLegal Entity Identifiers in KYCDigital Identity Predictions for 2020The Future of Cybersecurity – DeloitteHow To Buy Shares in India for Beginners?Legal Entity Identifiers in Digital CertificatesBroad Adoption of LEIs Could Save The Global Banking Sector US $2-4 BillionLegal Entity Identifiers for Government EntitiesThe European Market Infrastructure Regulation (EMIR) and Legal Entity Identifiers (LEIs)The FCA Will Take Pragmatic Approach to Supervising Reporting on Brexit DayAdoption of LEI in Payment Messages by the Payments Market Practice Group (PMPG)RegTech London – Event SummaryRBI regulations for mandating Legal Entity Identifier in India (2019 extensions update)Cybersecurity in a NutshellWhat is LEI-Search?How to get an LEI in India?LEI Register and RapidLEI Announce Official Partnership

Business Transparency: How to Create an Environment of Trust

What is transparency in business? Quite simply, you can define business transparency as the act of being open and honest with all stakeholders – employees, customers, suppliers, and the community at large. In this article, we will explore what transparency means for business leaders and how they can create an environment of trust within their organizations.

What is the importance of transparency in business?

There are many benefits that transparency can bring to a business, such as building trust, creating loyalty, and improving your bottom line. When customers feel they can trust a company, they are more likely to do business with them.

Employees who feel valued and appreciated have higher employee engagement and are less likely to leave the company.

All things considered, business transparency increases employee morale and boosts engagement, as well as employee retention. It also encourages investments by demonstrating openness and stability. Taking into account objective feedback improves processes and therefore drives better results.


What’s the opposite of a transparent workplace?

A business that doesn’t value transparency develops a covert culture.

A transparent culture in business is directly linked to its leadership. However, complacency could play a role in the same way. If a company can’t adopt new ideas and get past the “this is how we’ve always done it” mentality, it will, sooner or later, end up in a covert culture.


How do businesses apply transparency?

Sharing behind-the-scenes content

One way to practice transparency with your customers is to show them more behind-the-scenes content about your organization. This can be done via social media, newsletters, or blog posts. Sharing information can make a positive impact and build more trust with your customers.

Open sharing is a good idea if you wish to introduce the business values and company culture to a wider audience, this will help to make them feel more involved and connected to your business.

Clear communication

Another good example of business transparency is clear communication. Whether it’s communication with your employees, suppliers, stakeholders, or customers.

If the management is able to share information and ideas in a clear manner, it’ll reflect in the performance and business success.

Accountability

Making accountability one of the core values of your work culture will also bring positive changes. By encouraging accountability in the workplace, your workers can find the balance between respect and responsibility.

Transparent companies thrive on people taking ownership over their actions. This helps people to learn from their mistakes, builds trust, and teaches others that you can be relied upon to be truthful, no matter the circumstance.


How do you maintain transparency in business?

Once you have transparency in your business, it is important to maintain it by continuing to communicate openly and honestly, seeking feedback, and encouraging transparency throughout the organization.

Transparent companies often create company policies and procedures to help ensure that your company remains transparent. Maintaining transparency can be challenging, but it is worth the effort as it can help to build trust, create loyalty, and improve customers’ perception of your brand.


What are some examples of business transparency?

Transparency with Employees

Good communication is the key to any successful relationship. This includes honest, two-way conversations between your employees and managers about various company operations, internal processes, and the company’s direction, as well as how it affects them personally – whether that means providing feedback for improvement or just being transparent enough so they can keep up with all aspects of productivity at work.

A transparent workplace fosters trust and open communication. Strengthening relationships between employees and their employers boosts employee performance and helps to nurture an environment of collaboration, where people are motivated to support each other and the company’s operations.

Transparency with Customers

When executed well, transparency with customers results in elevated brand loyalty. When businesses are honest and open about their mistakes and shortcomings it builds trust between the business’s employees, as well as clients who choose to spend money there instead of elsewhere.

If you want to achieve success with your customers, it’s important that they are able to see how and when the company responds to any feedback or inquiries — this includes being honest about mistakes too!

When executed well – transparency leads to higher customer satisfaction, loyalty, and increased sales revenue.

Transparency with Investors and Shareholders

For investors, transparency is reflected in how freely they’re able to access financial information like price levels and audited financial reports about a company.

Investors will need to be able to trust that the organization produces accurate, informative, and independently audited financial reports.

Transparency with the Supply Chain

When an organization has internal transparency with its vendors and suppliers, it can keep a close eye on the sourcing process. Without knowing where materials come from or how they’re produced, there’s no way for businesses to ensure that what they’re purchasing will be both ethical in nature as well financially beneficial.

Supply chain awareness has grown a lot over the past few years, which also means that the industry is now increasingly more scrutinized by governments, NGOs, and consumers, who are invested in the ethical sourcing of labor and materials.


How does the Legal Entity Identifier foster business transparency?

A Legal Entity Identifier (LEI) is a 20-character, alpha-numerical code based on the ISO 17442.
The Global LEI System (GLEIS) was developed by the G20 in 2011, in response to the 2008 global financial crisis, with the aim to avoid any future global shocks of that severity.

The LEI code is now essential for legal entities to create a more transparent global financial system. A company’s LEI will be publicly available through a global database and contain information about the company’s registered and trading names; company type; registered address; registration number; parent company information; child company information. 

After forming the G20 concept, the Financial Stability Board (FSB) appointed a new not-for-profit organization, The Global Legal Entity Identifier Foundation (GLEIF) to watch over it. The foundation doesn’t issue the codes itself, but rather leaves it to a network of public and private companies acting as Local Operating Units (LOUs).

To obtain an LEI code, you’ll need to reach an LEI Registration Agent.

LEI Register’s role is to provide you with verified information about LEIs, authenticate data and manage communication between LOUs. We understand the value of your time and have put in great work to become the fastest, most secure global registration service provider.

REGISTER LEI NOW