Since the global financial crisis that began in 2007–08, financial firms have been subject to increasing regulatory reporting obligations designed to facilitate greater transparency, safety and efficiency in the markets.
In 2018, Mifir extended the transaction reporting requirements for Mifid investment firms, placing stringent demands on data quality, governance, technology and resource. In recent years, the failure to satisfy regulatory reporting obligations has led UK and European Union regulators to sanction firms. With pressure increasing, firms must consider if they are doing all they can to achieve compliance and minimise the risk of regulatory censure.
Risk.net’s research found significant gaps in firms’ current activity compared with best practice, and highlights a number of missed opportunities for improving business efficiencies