New York, London, 17 November 2022 – Leading regulatory technology firm, Kaizen Reporting (Kaizen), has won ‘Best Reporting Solution for CFTC Reporting’ at the RegTech Insight Awards USA 2022 for its ReportShield™ Accuracy Testing service. This is the second consecutive year that Kaizen has won the award, and comes less than a month before the CFTC’s overhaul of the OTC swap data reporting rules, known as the CFTC ReWrite, goes live.
Angela Wilbraham, CEO of A-Team Group said:
“The RegTech Insight Awards USA celebrate providers of leading RegTech solutions, services and consultancy across North America. The winners are selected by our RegTech community and demonstrate exceptional creativity in building solutions that solve regulatory challenges. Congratulations to Kaizen Reporting.”
Dario Crispini, CEO of Kaizen, commented: “Thank you to both our clients and the Regtech community who voted for us for the second consecutive year. The introduction of the CFTC ReWrite on 5 December highlights the need for firms to have the right controls in place so that they can report accurately from the outset. Using Accuracy Testing as part of these controls is the only way that a firm can identify where their reporting is accurate and deal with the errors that arise in a way that is expected by the regulator.”
The CFTC ReWrite sees the US regulator undertaking a complete revision of the reporting rules. The revised rules require firms to verify the accuracy and completeness of all their data in the Swap Data Repository (SDR) versus their internal systems and records, and firms must do this at least once every 30-90 days. Firms are required to fix issues as soon as possible and notify the CFTC in writing if they cannot fix them within a seven-day period.
Dario, said: “This is the first time a major transaction reporting regulation is dictating such a tight timeline and placing firms on the hook for notifying the regulator of any issues they’ve identified. The CFTC has made it clear that it wants firms to report correctly, improve controls and make data accuracy a top priority. Kaizen is here to help firms achieve this and ensure firms hit the ground running with adherence to these new and challenging obligations.”
About the RegTech Insight Awards USA
The RegTech Insight Awards USA recognise outstanding performance by the vendors of data and technology solutions to the financial industry. Nominations for the awards were reviewed by the editors of A-Team and the advisory panel and narrowed down to a short list, which was then opened up for voting by the industry.
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