Being alerted to or discovering a problem with your regulatory reporting can cause huge stress internally and remedying it can be a huge strain on resources.
What does the internal issue look and feel like?
Although it might not feel like it at the time, if someone from your line or control team, IT or Compliance identifies a reporting issue, this is a positive development. It is far better to self-identify an issue, rather than have the regulator or a client bring it to your attention. Typically you will be presented with a specific problem that relates to a particular asset class, trade flow or system.
What challenges do you face?
The expectation is that you will be able to mobilise functions within your firm such as Business, Compliance, Operations and IT to identify the scope and scale not only of the issue, but also provide confidence that the rest of your reporting is correct. This can be stressful and challenging and put strain on internal resources as they attempt to identify the scale and scope of the particular issue.
How Kaizen can help
We can detect the type of issues that exist and how widespread they are, preventing the deployment of valuable internal resources to do the same task but without appropriate tools. Our quality assurance testing service ReportShield can provide you with a clear and comprehensive view of the quality of your transaction reports while our reconciliation service can identify any under or over reporting of transactions.
If you have recently been presented with reporting issues identified internally and are struggling to respond in a comprehensive and timely manner, we can provide you with the appropriate advice, assurance and ultimately, peace of mind.
Contact us to find out more about how we can help you.