In this edition of Market Watch 81, the FCA focuses on the data quality of transaction reporting, noting a trend of improvement. However, they also highlight that data quality issues continue to persist and often recur, even after firms have completed remediation exercises.
The FCA identified that reporting issues are often caused by weaknesses in the following areas:change management, reporting process and logic design, data governance, control framework, governance, oversight and resourcing
The P9 Advantage: Comprehensive and Reliable Reporting Services
P9 helps firms address the root causes of recurring data quality issues.
By partnering with P9, firms can not only improve data quality but also build a resilient reporting infrastructure that withstands regulatory changes and internal adjustments.
P9 offers a comprehensive control framework within our reporting solutions. Our framework includes multiple layers of data validation and quality assurance checks, ensuring that every report meets regulatory standards before submission.
In addition to these controls, P9 provides clients with a powerful reconciliation tool. This tool allows firms to perform in-depth comparisons between internal records and reported data, ensuring alignment across systems and uncovering discrepancies before they become regulatory issues.
Remediation can be a time-consuming and resource-intensive process for firms. P9 offers tailored remediation support using powerful tools and advanced processes, helping firms correct and prevent recurring issues without placing undue burden on their teams. Our remediation services are designed to quickly identify root causes, correct reporting errors, and implement sustainable improvements that enhance data quality long-term.
If your firm aims to enhance transaction reporting quality and overcome data-related challenges, P9’s transaction reporting services across multiple regimes EU & UK EMIR REFIT, EU & UK MIFIR, EU & UK SFTR are ready to assist.
Contact us today to learn how we can support your firm in building a robust reporting framework that aligns with FCA standards and ensures data accuracy with confidence.
