MiFID I client data remediation and governance
Case Study

MiFID I client data remediation and governance

The Financial Conduct Authority (FCA) issued a £4.7m fine to the client for failing to properly report 30 million transactions under MiFID I Directive. Axis was requested to lead the remediation and control work stream to close the audit point.

The Financial Conduct Authority (FCA) issued a £4.7m fine to the client for failing to properly report 30 million transactions under MiFID I Directive. Axis was requested to lead the remediation and control work stream to close the audit point.

 

THE CHALLENGE

  • Client had an outstanding audit point after being fined by the FCA for client counterparty misreporting.
  • No systematic exception procedures in place, lack of data quality controls and operational risks identified.
  • Poor governance model and stakeholder engagement.
  • Low understanding of regulatory requirements and lack of training.

HOW WE HELPED

  • Client reference data was prioritised and +95% of transactions reported to the national regulator (FCA) were remediated in the golden source and synchronised with the downstream systems.
  • A robust Control Framework was designed, implemented and tested successfully.
  • Business requirements were submitted in order to implement strategic solutions within the transaction reporting mechanisms.
  • A new Governance Model was implemented, with clear responsibilities and roles.

RESULTS

  • Audit point closed.
  • Client reference data remediated.
  • Operational risks mitigated.
  • Control Framework successfully implemented.
  • New governance model successfully implemented.

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Post Event

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