White Paper: AutoRek
The phrase 'challenges of regulatory reporting' means different things to different organizations.
Regulatory reporting submissions are only as good as the data they contain. Constant activity which encompasses formal preparation, robust submission, comprehensive sign off and approval, and on-going maintenance and review are some of the key components needed to have confidence in submissions.
The creation of a consistent 'golden source' of data will increase both confidence and performance in firms' ongoing regulatory reporting and compliance challenges.
This whitepaper explores several key regulatory reporting challenges including:
Regulations and directives driving the agenda
Impact and uncertainty the UK's exit from Europe (Brexit) may have on regulators
Costs of compliance weighed against regulatory fines and reputational damage
Potentially contradictory interpretation and application of regulations
Role and recent decisions of the regulators themselves
Existing gaps between regulatory rules, and organizations’ processes and controls
Transaction Reporting is one of the key priorities for regulators. Some are already warning that there will be no latitude for non-compliance, including late reporting. The aim of Transaction Reporting is to assist EU regulators in the detection and investigation of suspected market abuse. By implementing a robust, automated financial control regime, investments firms will ensure readiness for the significant changes MiFID II/MiFIR will have in respect of Transaction Reporting requirements. Currently there is divergence across Europe and the member states, in respect of the application of existing transaction reporting obligations. MiFID II is seeking to harmonise Transaction Reporting so that there is a more consistent approach. This whitepaper focuses on Transaction Reporting and how a robust, automated financial control regime can overcome often manual and complex reporting processes, hence ensuring on-going compliance, including: MiFID II Timeline and the need to prepare now Changes from the existing MiFID I requirements AutoRek's 5 step approach to Transaction Reporting
In the present scenario, it is very difficult to achieve CASS compliance without the correct CASS governance and oversight framework in place. Most firms with CASS failings painfully resolve their issues only to find more problems down the line, despite all the costs and resources that they would have dedicated to resolving the initial failings. Often this is due to the lack of focus on building a sustainability framework that is forward looking, rather than incident driven. But what does 'Good CASS Governance' even look like? Few firms or consultants can explain what good governance looks like or provide a tangible solution; a lack of clarity in the market exists even before the myriad of CASS arrangements have been added to the equation. This whitepaper provides insights on what firms need to do in order to manage CASS risk and build a robust CASS governance structure. It highlights: Good Governance: The Key to CASS Compliance Personal accountability and Tougher CASS audits The importance of centralized processes and controls Risk management using 'tangible' governance tools A 'Governance Wheel' of CASS governance's critical elements The danger of 'sticking plaster solutions' How Rosediem and AutoRek can help