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Compliance Risk Reduced By New Reporting Eligibility Service From Risk Focus

Date 06/09/2016

Risk Focus, Inc., the leading provider of control and compliance solutions for regulatory trade and transaction reporting to the global capital markets, today announced the first implementation of Reportable.Trade. The trade reporting eligibility service allows banks to comply with the regulators’ trading volume reporting requirements and to avoid the potentially enormous fines and penalties resulting from under- or over-reporting derivatives transactions. Risk Focus works very closely with regulators to provide financial institutions with an exclusive regulatory trade reporting SLA; this unique commitment allows firms to stay ahead of regulations.

Brian Lynch, CEO of Risk Focus, commented: “There is a growing need for an efficient trade reporting service, particularly as any under-reporting can attract significant penalties from regulators. We developed our new service in response to client demand and although we can’t name the institution, we’re excited to now be live with our first client, a global bank that requested that we build Reportable.Trade so that they could prove to regulators that they had the proper reporting controls in place. Any comprehensive swaps supervisory control framework requires the ability to reconcile source trading activity with trade and transaction reporting activity. Reportable.Trade fills that need and helps banks ensure that their reporting is compliant and complete. We expect similar interest as that in Validate.Trade, which banks have adopted to ensure that reported messages are compliant and accurate.”

With increasing scrutiny and enforcement on banks and other financial institutions for reporting breaches, errors and omissions, firms are under pressure to show that they have the right controls in place.

Reportable.Trade integrates easily with both commercial and custom-built derivatives trading platforms, whether batch or real-time. It applies a set of rules and filters to determine the reporting eligibility for trading activity, creates a set of expected reporting activity, and then compares it against actual reporting activity. An intuitive dashboard allows end users in a firm’s middle-office, compliance and operations groups to spot and drill down on trading activity that Reportable.Trade identifies as not matching the expected reporting activity.