An enquiry from the regulator querying an issue with your reporting or asking for more information can place a huge internal burden.
These enquiries often look straightforward – for example, questioning one or two fields on a small number of transaction reports. Common examples include questions on the buy-sell indicator, price reported, execution time or counterparty identification.
What should I do?
The expectation of the regulator is that you will investigate the enquiry immediately and if there are issues with your reporting, that you identify the scale of the problem quickly and advise the regulator as soon as possible.
If you are a large financial institution, it can be a challenge to mobilise different teams within the business (Compliance, Business, Operations and IT) to provide clear, concise and timely answers to the regulator’s questions.
How Kaizen can help
We can provide immediate, independent advice to get you on the front foot with the regulator. Our advanced reconciliation, quality assurance and reference data testing services can quickly give you a clear picture of any problems with your transaction reporting and how widespread they are.
We can also help you put the right controls in place so you, your senior management team and the regulator are assured of the integrity of your reporting.
If you have recently received an enquiry from the regulator and would like support and peace of mind, please contact us.