Regulatory technology firm, Kaizen Reporting is delighted to announce that it has won a Queen’s Award for Enterprise, the highest accolade in UK business.
Kaizen’s award comes in the innovation category for the prestigious business awards which are announced today by the Business Secretary Greg Clark.
Kaizen won the award for its ReportShield quality assurance service which tests 100% of regulatory reports. This is in contrast to traditional methods which only test small data samples. The in-depth testing gives Kaizen’s clients full sight of any errors within their reporting data so they can be corrected.
Changing the way reporting is done
Kaizen CEO and Founder, Dario Crispini, said, “Winning a Queen’s Award for innovation is a huge honour and recognition of the way Kaizen’s ReportShield testing is changing the way reporting is delivered throughout the industry.”
Regulatory trade and transaction reporting has become absolutely vital since the financial crisis in 2007. Regulators rely on regulatory reporting to detect insider dealing, rogue trading and the build-up of systemic risk (one of the primary causes of the crisis).
However regulatory reporting is becoming increasingly complex and financial firms have struggled to get it right. This has resulted, in some cases, in regulatory fines running into millions of pounds and costly bills to retrospectively fix the errors.
Improving the quality of regulatory reporting
By combining their regulatory knowledge with data science, Kaizen developed ReportShield, an automated testing service that fully assesses the quality of regulatory reporting data.
Dario continues, “Incorrect regulatory reporting is a major industry problem that Kaizen wants to help solve. ReportShield is helping both sides of the industry – firms can be confident of their reporting integrity and avoid fines, and the regulator receives good quality transaction reports, ensuring market transparency.”
Dario added, “I’d like to personally thank the Kaizen team for their dedication and expertise in developing ReportShield, and also our clients and partners for their support over the past three years.”
Winners of the Queen’s Award are invited to attend a reception at Buckingham Palace later in the year.
About the Queen’s Awards
Established in 1965, the Queen’s Awards for Enterprise are for outstanding achievement by UK businesses in the categories of innovation, international trade and sustainable development. Awards for innovation are given to businesses that can demonstrate that their innovative products or services are commercially successful.
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