Benefits of automating your TR Assurance processes
Traditionally Investment firms would employ the skills of a consultancy firm to perform Transaction Reporting assurance. The consultancy firm would execute a manual pre-described process involving business and data analysis to check the firm’s adherence to their regulatory reporting requirements. The process would usually take up to 10 days for a consultant to complete, at day rates of up to £2000 per day.
Figure 4 – Transaction reporting high level process
CN believe a more consistent, scalable and cost-effective solution is required by the market for Transaction Reporting Assurance.
The CN solution represents an increase in the depth, scalability and consistency vs completing these processes internally or via an external consultant.
The assurance process requires detailed compliance and business understanding and employs complex data analysis skills to be completed effectively. Using the Control Now service, reporting firms can reduce dependency on a small number of highly skilled staff in a business-critical process.