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Screenshot of a breaking news alert e-mail from Q2 2017
Elixirr, the challenger consultancy, and Kaizen, the regulatory reporting assurance experts, have just announced a new partnership, which will deliver a complete end-to-end regulatory reporting remediation service for financial institutions. The two firms will collaboratively offer clients greatly-improved assurance testing, governance and support on their trade and transaction reporting remediation projects.
This is a significant milestone in responding to the increasing levels and complexity of regulation faced by the industry.
Data quality has been a continual problem under the original MiFID reporting regime but the increased complexity of EMIR and MiFID II reporting obligations means that this will be even harder to achieve. At the same time, regulators’ capacity to identify issues has widened, and the UK’s Senior Managers’ Regime puts additional pressure on individual managers within firms to ensure they are reporting correctly.
Firms which do not fully address reporting issues are at risk of multi-million pound fines, reputational damage, and the cost of internally remediating the problem, which is often significant. In an industry first, Kaizen’s technology solution, combined with Elixirr’s remediation skills, will identify reporting issues quickly and ensure they are resolved and replayed, in a cost-effective, seamless way.
Barry Lewis, Partner at Elixirr who led the formation of the partnership, said:
Kaizen have developed a service that is invaluable to the financial services industry, so we’re delighted to partner with them in such a value-added offering. This partnership means we can combine robust data quality assurance tools with the analysis and remediation expertise of our team, and help our joint clients respond even more effectively to the increasing needs for reporting compliance.
Dario Crispini, CEO and Founder of Kaizen, commented:
I see the partnership as an important step forward in compliance evolution. By combining the skillset and expertise of the two companies we are able to provide clients with greatly enhanced confidence and accuracy when reporting to regulators. Elixirr has a strong reputation, attention to detail and unwavering passion to really help firms succeed and we trust them to provide the best remediation solutions for the companies we work with. The market is already responding well, and I have full confidence that this partnership will quickly benefit our clients and go from strength to strength in the months and years to come.