Alpha and Kaizen to partner for MiFID II
06 February 2019 London
Image: Shutterstock
Alpha FMC (Alpha) has partnered with Kaizen Reporting (Kaizen) to provide independent transaction reporting assessments for specialist wealth managers and smaller asset managers to help them to meet the second Markets in Financial Instruments Directive (MiFID II) standards.
The combined proposition will check the accuracy of all of an institution’s reported data, assess the effectiveness of firms’ governance and control frameworks, and identify any gaps they might have in meeting the regulator’s transaction reporting obligations.
The proposition comprises a discovery phase, using a questionnaire to cover transaction reporting compliance and the process involved. This is followed by an evaluation phase involving an assessment of the regulatory reporting control and governance framework.
Reporting quality will be checked by Kaizen’s accuracy testing service which assesses all data fields on all reported transactions to provide a complete picture of reporting integrity.
Recommendations will then be made on whether transaction reporting controls are robust and whether the required level of testing is in place.
Andrew Glessing, head of regulation, compliance and risk at Alpha FMC, said: “We are delighted to work alongside Kaizen, who are the standard-setters when it comes to reporting assurance.”
He added: “With MiFID II requirements now a year old, this is the perfect time for specialist wealth and asset managers to take stock of their reporting quality and processes. We think this proposition fills a gap in the market by providing firms with market leading assurance tools and expert advice on their transaction reporting arrangements.”
Dario Crispini, CEO of Kaizen, said: “This is an important milestone in Kaizen’s timeline. By joining forces with Alpha, we are able to offer the wealth and asset management sector a vital snapshot of the quality of its transaction reporting through an all-important health check. I am delighted we are working together.”
The combined proposition will check the accuracy of all of an institution’s reported data, assess the effectiveness of firms’ governance and control frameworks, and identify any gaps they might have in meeting the regulator’s transaction reporting obligations.
The proposition comprises a discovery phase, using a questionnaire to cover transaction reporting compliance and the process involved. This is followed by an evaluation phase involving an assessment of the regulatory reporting control and governance framework.
Reporting quality will be checked by Kaizen’s accuracy testing service which assesses all data fields on all reported transactions to provide a complete picture of reporting integrity.
Recommendations will then be made on whether transaction reporting controls are robust and whether the required level of testing is in place.
Andrew Glessing, head of regulation, compliance and risk at Alpha FMC, said: “We are delighted to work alongside Kaizen, who are the standard-setters when it comes to reporting assurance.”
He added: “With MiFID II requirements now a year old, this is the perfect time for specialist wealth and asset managers to take stock of their reporting quality and processes. We think this proposition fills a gap in the market by providing firms with market leading assurance tools and expert advice on their transaction reporting arrangements.”
Dario Crispini, CEO of Kaizen, said: “This is an important milestone in Kaizen’s timeline. By joining forces with Alpha, we are able to offer the wealth and asset management sector a vital snapshot of the quality of its transaction reporting through an all-important health check. I am delighted we are working together.”
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