- ReportShield is an automated service that tests 100% of regulatory reports. Traditional methods only test small data samples.
- Financial firms welcome simple and transparent solution to complex regulatory reporting problem.
Kaizen’s award comes in the innovation category for the prestigious business awards which are announced today by the Business Secretary Greg Clark.
Kaizen won the award for its ReportShield quality assurance service which tests 100% of regulatory reports. This is in contrast to traditional methods which only test small data samples. This in-depth testing gives Kaizen’s clients full sight of any errors within their reporting data so they can be corrected.
Kaizen CEO and Founder, Dario Crispini, said, “Winning a Queen’s Award for innovation is a huge honour and recognition of the way Kaizen’s ReportShield testing is changing the way reporting is done throughout the industry.”
Regulatory trade and transaction reporting has become absolutely vital since the financial crisis in 2007. Regulators rely on regulatory reporting to detect insider dealing, rogue trading and the build-up of systemic risk (one of the primary causes of the crisis).
However regulatory reporting is becoming increasingly complex and financial firms have struggled to get it right. This has resulted, in some cases, in regulatory fines running into millions of pounds and costly bills to retrospectively fix the errors.
In response to this, Dario, a former regulator, and Ian Rennie, industry expert, set up Kaizen Reporting in 2013 to help improve the quality of firms’ regulatory reporting.
By combining their regulatory knowledge with data science, Kaizen developed ReportShield, an automated service that fully assesses the quality of regulatory reporting data.
Dario continues, “Incorrect regulatory reporting is a major industry problem that Kaizen wants to help solve. ReportShield is helping both sides of the industry – firms can be confident of their reporting integrity and avoid fines, and the regulator receives good quality transaction reports, ensuring market transparency.”
Dario added, “I’d like to personally thank the Kaizen team for their dedication and expertise in developing ReportShield, and also our clients and partners for their support over the past three years.”
Winners of the Queen’s Award are invited to attend a reception at Buckingham Palace later in the year.