26 February 2019, London & New York: RegTek.Solutions,
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RegTek’s nomination for ‘Best Compliance Solution’ recognises the firm’s recent implementation of a total assurance framework at the US Capital Markets division of a Global Bank. Following an NFA examination, gaps in the client’s trade and transaction reporting controls were identified. The bank, like many other firms, had the oversight of its reporting processes rooted in manual processes and ad-hoc spreadsheets. A remediation plan was to be presented within a short time frame. Following an initial review of the client’s transaction reporting workflow, RegTek implemented its full suite of controls securely on the Amazon Web Services (AWS) Cloud for swift time-to-value. This allows the firm to perform daily independent checks of its data for completeness (Reportable.Trade), accuracy (Reconcile.Trade), and quality (Validate.Trade), in full transparency.
“We are honoured to have made it as finalists; this award nomination is a great acknowledgement of our team’s hard work and dedication in helping clients solve their regulatory challenges sustainably, but also of our strategy to put controls directly in the hands of reporting firms,” commented Brian Lynch, Co-Founder and CEO of RegTek.Solutions. “While most of the reporting focus has been in Europe, we have seen activity in the US pick up against a strict regulatory enforcement backdrop. RegTek has been helping firms meet their CFTC reporting obligations since its inception, and we are committed to making the CFTC 2.0 rules a priority. This will surely be one for our clients.”
The second nomination, for ‘Best RegTech Solution’, acknowledges a strategic partnership between RegTek.Solutions and Deutsche Börse. In October 2018, the firms teamed up to deliver a pre-validation service for regulatory reporting: a certified instance of the firm’s leading validation engine Validate.Trade. The service is available to the 2,300 clients of Deutsche Börse’s Approved Reporting Mechanism (ARM), the Regulatory Reporting Hub. Currently available for MiFIR, the offering allows reporting firms to remediate any data quality exceptions even earlier in the life cycle of the transactions, before the oversight of the regulators.
The FTF News Technology Innovation Awards are organised by FTF News, a leading provider of news focused on trends and initiatives around financial services and technology. The yearly event celebrates and recognizes the professionals, financial technology vendors, service providers, industry bodies and regulators that have made significant strides and noteworthy achievements in operational excellence during 2018.
To find out more about our intelligent reporting controls, please contact us on [email protected]