Cappitech, a leading provider of regulatory reporting and intelligence solutions for the financial services industry, today announced the launch of Insights, a product that enables compliance teams and risk managers to gain a competitive advantage by improving regulatory reporting and allowing them to benchmark their performance to their peers.
Following the introduction of MiFID II over a year ago, the focus of financial institutions has moved from simply complying with regulatory requirements to improving the data quality of reports. As such, there has been strong demand for a tool to help them monitor submissions, identify key areas for improvement and track their performance against the industry standard.
Accessible via an intuitive dashboard, Insights provides actionable data at-a-glance, allowing firms to set Key Performance Indicators and view the key reasons for trade rejections as well as granular data on late reports. Next-generation charting tools enable users to identify underlying problems in their processes systematically and improve submissions.
Data can be filtered by date, regulation, asset class or rejection type, and rejections are flagged as either from internal validation or the NCA. Cross-regulation, Insights provides comprehensive reporting analysis across MIFIR, EMIR, MAS, Canadian and ASIC Derivative Reporting.
In addition to drill-down analysis of a firm’s own performance, Insights allows customers to view their reporting capabilities in comparison to that of their peers. This valuable benchmarking tool helps firms understand if they are lagging the industry in terms of the quality and timeliness of their submissions, and enables them to put in place processes for improvement.
Naji Karak, CEO of One Global Market Limited, said: “We welcome the addition of Insights to Cappitech’s industry-leading compliance platform. We have been a beta user of the Insights dashboard and the tool has allowed us to improve the quality and timeliness of our submissions significantly, set KPIs and track our performance versus our peer group - all at a glance.”
Ronen Kertis, CEO and Founder of Cappitech, said: “We launched Insights in response to strong demand for a product that would allow financial institutions to monitor the quality of their reporting at-a-glance and track it against the industry average. We are excited to provide our customers with the tool they need to both comply with regulatory requirements and gain a competitive edge.”
Insights is offered as part of CapptivateTM, the cross-regulation, cloud-based platform that is revolutionising the way financial market participants meet their compliance obligations. The new product complements Cappitech’s comprehensive set of solutions for regulatory reporting, Best Execution monitoring and analysis. More than 70 financial services firms rely on Cappitech to meet their compliance requirements. The firm reports more than 1 billion transactions a year.