Kaizen Wins Queen’s Award for Resolving Banks’ Regulatory Reporting Problems
- 21.04.2017 09:00 am
Today Kaizen Reporting is delighted to report that it has won a Queen’s Award for Enterprise, the highest accolade in UK business, for our ReportShield data testing service. Kaizen’s award comes in the innovation category for the prestigious business awards which are announced today.
Kaizen CEO and Founder, Dario Crispini, said, “Winning a Queen’s Award for innovation is a huge honour and recognition of the uniqueness of our ReportShield testing approach and how it is helping financial firms get their regulatory reporting correct.”
Since the financial crisis in 2007, regulatory trade and transaction reporting has become an increasingly vital tool for regulators to detect insider dealing, rogue trading and the build-up of systemic risk which was 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 results, 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, the company has developed an automated service, ReportShield, that fully assesses the quality of regulatory reporting data.
The service tests 100% of regulatory reports in contrast to traditional testing methods which only test small amounts of data. This in-depth testing gives Kaizen clients full sight of any errors within their reporting data so they can be corrected.
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.