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
What is Risk Management ?
Risk management is the way of identifying, measuring and dealing with the threats to an organizations capital and earnings. Definition according to ISO 31000 Risk management is the way toward assessing the chance of loss or damage and finding a way to battle the potential Risk.
What is Business ?
By definition a business is an organization or economic system with consistent and typical exchange of produced goods and offered services for one another or for money to fulfill human needs. Types of businesses, Non-Profit business: This is a type of business with charitable or educational goal rather than earning money from its services.
What is Reconciliation ?
Reconciliation in accounting is the process of confirming whether one set of records match the counterpart set of records to identify the existence of irregularities, which might have been made by the bank or the owner of the account. The comparison determines the reliability of the bank records with that of the company’s records. Reconciliations may take place on a daily, monthly, or yearly basis.