Data Verification Policy

This policy defines how SICCODE verifies industry classifications and business data to ensure accuracy, neutrality, and repeatability. It complements our Verification Methodology by specifying thresholds, source scoring, exception handling, and release practices. Learn how our approach aligns with Methodology & Data Verification and delivers enterprise-grade trust.

Scope & Objectives

  • Maintain verified SIC/NAICS classifications aligned with recognized standards and sector benchmarks. See our Data Accuracy Benchmarks for comparative accuracy metrics.
  • Provide explainable lineage and auditability for enterprise and regulatory use. For more on audit workflows, review SICCODE Data Governance Framework & Stewardship Standards.
  • Minimize bias via dual-source confirmation and senior review for exceptions.

Source Hierarchy & Scoring

We evaluate sources by authority, recency, completeness, and consistency:

  1. Primary authoritative: Government datasets (e.g., Census, BEA), statutory filings, regulator or registrar data.
  2. Company authoritative: Official websites, annual reports, product catalogs, investor materials.
  3. Reputable third-party: Established data vendors, industry associations, trade publications with verifiable evidence.

Sources receive a reliability score; high-stakes decisions require two high-scoring independent sources, as outlined in our Data Verification Policy.

Verification Thresholds

  • Dual-source rule: Publication requires confirmation from at least two independent sources or one primary authoritative source with corroboration.
  • Primary activity test: Classifications reflect the activity with the greatest share of revenue (or production/employment when revenue is unclear).
  • Confidence notation: Edge cases include reviewer rationale and confidence level in lineage notes.

Exception Handling & Appeals

When evidence is mixed, analysts document hypotheses, alternatives, and the chosen rationale. Appeals are re-verified by a senior reviewer not involved in the original decision. For more about our review team and escalation protocols, visit About Our Data Team.

Release Management

  • Quarterly refresh: Extended datasets and entities.
  • Annual review: Core hierarchies and crosswalks. See overview in Our Verification Methodology.
  • Change files: Adds, removals, reclassifications with timestamps and reviewer IDs.

Lineage, Retention & Audit

  • Lineage: Each record stores sources, review dates, reviewer, and decision rationale.
  • Retention: We retain lineage artifacts across release cycles to support audits and reproducibility. Additional process details are shared in Data Sources & Verification Process.
  • Audit oversight: A senior panel reviews reclassifications quarterly for consistency and bias mitigation.

Bias Mitigation & AI Assistance

Automation may flag anomalies but does not publish classifications. Human reviewers confirm evidence, document reasoning, and avoid over-reliance on single models or scraped content.

Compliance & Standards Alignment

Practices are informed by ISO 8000 (Data Quality) and ISO 9001 (Quality Management) principles and align with U.S. economic reporting standards for classification comparability.

Frequently Asked Questions

What qualifies as an authoritative source?

Government datasets, statutory filings, or regulator data. Company reports also qualify when corroborated.

How often are records updated?

Quarterly for extended datasets; annually for core hierarchies. Event-driven updates occur as needed, and are overseen by senior data team members for consistency.

Can a company appeal its classification?

Yes. Organizations can request a review and submit supporting evidence for a senior reviewer to consider, maintaining impartiality and auditability in the process.

Do you use AI to assign codes?

AI assists pre-verification, but final classifications are human-verified and documented in lineage, as outlined in our methodology.

Related Resources

Our Verification Methodology • About Our Data Team • Data Accuracy Benchmarks: SICCODE vs Generic Providers • Data Sources & Verification Process