Regulatory Data Quality Assurance

UnaVista offers clients the opportunity to not just comply with regulations, but to enhance their business processes and to put the systems and controls in place that regulators are seeking.

As part of this practice UnaVista have partnered with regulatory reporting compliance firm Kaizen to offer clients a full quality assurance testing service for regulatory reporting. Kaizen’s ReportShield™ service tests every data field a firm has reported and in conjunction with UnaVista Reconciliation service provides 100% coverage to ensure reporting accuracy.

Why do firms need data quality assurance?

Regulators expect higher levels of compliance than ever before. Recent fines for UK transaction reporting demonstrate that established firms are reporting millions of transactions as valid but wrong.  ReportShield is alone in being able to identify all material errors quickly and efficiently, providing firms with full visibility of all reporting activity.  The service has been successfully deployed at numerous client sites from tier 1 banks to small fund managers.

How does Kaizen's ReportShield work?

ReportShield utilises Kaizen’s unique testing methodology to efficiently test firms’ reporting to the highest possible industry standard.  In development for more than two years, ReportShield leverages Kaizen's comprehensive understanding of reporting regulations, products and markets, and expertise in data science.  The service provides the following:

  • Tests all reportable data fields for completeness, accuracy, validity, and timeliness and identifies over and under reporting
  • Provides full test results within 4 weeks including detailed monthly management information 
  • Easily accommodates high volumes and is tailored to each firm’s activities.

How is this delivered?

Single or periodic testing is available but we recommend it is provided as a managed service with testing taking place monthly for firms reporting more than 1000 trades per day.  When deployed in conjunction with UnaVista’s Reconciliations service, Kaizens’ ReportControl and ReportShield services offer clients comprehensive quality assurance.

Get a review of your MiFID reporting quality

If you are interested in understanding your MiFID reporting quality then fill your details in below and we will be in contact to discuss how.