Qomply Discusses EMIR Refit Challenges and Rising Costs in Asset Servicing Times
Qomply's Michelle Zak features on the cover of September's edition of Asset Servicing Times discussing how Qomply can help those tackling the EMIR Refit, amid skyrocketing operational and regulatory costs.
"The bottom line is that most firms recognise that regulatory divergence is here to stay...Qomply has seen a distinct increase in the number of firms seeking to outsource their entire transaction reporting operation. My team has worked to provide scalable and affordable solutions for firms of varying sizes. By bringing Quality Assurance and Reconciliation to Qomply’s cloud-based technology, firms remove the need for manual processes, specialist knowledge, and inefficient practices.
With constrained budgets, firms are seeking cost-savings across operations, regulatory reporting and oversight. Some firms are opting for a scalable approach towards outsourcing. First, they may utilise our cloud solutions for just Quality Assurance, then they move towards streamlining processes such as sending trades directly to the regulator themselves, rather than use an intermediary. Then, they may automate the entire process. It really depends upon their transaction volume, in-house capabilities and their strategic plan."
Read more here: Asset Servicing Times, September 2023 Edition
How Qomply can help
Qomply helps financial firms achieve accurate, compliant transaction reporting across global regulatory regimes, while streamlining the operational and audit demands of regulatory reporting.
Our proprietary technology combines AI, automation and advanced data analytics to deliver scalable, audit-ready reporting intelligence. Through forensic-level quality assurance and streamlined reconciliation, Qomply helps firms strengthen data quality and reporting accuracy, automate controls, simplify audit processes and lower overall reporting costs.
Our technology provides greater oversight and operational efficiency while reducing the demands on internal teams.
For firms seeking to outsource their regulatory reporting operations, Qomply also offers a fully managed service. Combining our technology with deep regulatory expertise, Qomply Managed Services operates as an extension of, or alternative to, an in-house reporting function. This flexible model enables firms to outsource reporting operations while retaining the option to bring activities in-house as their own capabilities and resources evolve.
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