White Paper: AutoRek
Reconciliations form the foundation of a tightly controlled finance or operations department in any organization. Transparent, up-to-date and accurate financial data is not just essential for regulators or auditors, but it is increasingly an important tool for the executive branch to shape corporate strategy.
Building an automated reconciliation framework can be an expensive, complex and time consuming process, tying up crucial business and IT resources with often the wrong result being delivered.
This whitepaper explores the benefits of using an automated reconciliations solution, by adopting an iterative 6-step approach to perfecting your financial controls regime. It also explains the typical benefits your firms may receive in the immediate period post implementation, and recurring thereafter.
Key takeaways from this whitepaper:
Different reconciliation deployments
The perfect Golden Source for all of your financial control data
Most common pitfalls of manual or semi-automated reconciliations and financial data management
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