Streamlining Quality Assurance

Large Investment Bank Significantly Improves Reporting Quality Whilst Reducing Costs

Learn more about how Qomply enabled a large Investment Bank to reduce costs, improve staff retention and deliver more accurate and reliable MiFID II and EMIR Refit Transaction Reporting.

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CHALLENGE

Recently, the regulator contacted the bank regarding the reporting quality. This incentivised a change and there was now a remediation programme as well as daily operations to consider.

Staff were spending far too much time working with large datasets. Hours were spent filtering data in a spreadsheet and watching the hourglass - waiting for the spreadsheet to return.

The team suffered from repetitive tasks as it seemed like “Groundhog Day” each time a Quality Assurance report was delivered.

Having to process data manually meant frustrated team members who grew disenfranchised with an arcane system.

The team needed to ensure that reports were accurate before they were sent to the regulator as opposed to fixing the same problems time and time again.

They were chasing their tails with many tasks duplicated by various team members since there was no documentation on how the error was resolved previously.

After finding it increasingly difficult to manage complex transaction reporting processes, this large investment bank sought to eliminate manual processing and reduce overall reporting costs.

The bank chose Qomply’s cloud-based solution which resulted in not only a more efficient process but also improved the quality of the reporting whilst simultaneously reducing the overall costs.

SOLUTION

Solution at a Glance

No More Manual Processing

It took one week for the bank to onboard to Qomply which meant teams were quickly running their own quality assurance checks. Excited to see such fast results, the team immediately replaced their old spreadsheet processes with a more straight-forward workflow.

The back reporting exercise, that had been looming for nearly a year, was now feasible. With the time saved on manually processing, the team was able to partition itself so that part of the team could work on the back reporting whilst the other part of the team conducted the daily operations.

When issues were resolved, the team would document the fix within the platform. Therefore every time a new report was run and the error re-appeared, the team knew exactly how to fix it or who to escalate to.

Automation Means Efficiency

After replacing the legacy workflow, the next step was to automate the reporting chain so that the oversight team could focus on the output rather than the technology.

Within one month, the delivery of quality assurance reports were being generated automatically. This meant the regulatory oversight team could then start addressing issues without having the overhead of pushing data around in spreadsheets.

Within Qomply, the team could drill down into issues using the guidance available within the system and they knew exactly where to look. Escalation and tracking took place within the platform. When teams were able to resolve the issue, they quickly made a note so that their teammates wouldn’t have to start from scratch if the issue reappeared.

IMPACT

Impact at a Glance

Cost Reduction and Staff Retention

The bank saw a tremendous uptick in their ability to retain top performers. Once the legacy process was removed and automation introduced, staff could focus on error resolution and maintaining high quality transaction reports.

Recruitment was made easy as the team didn’t need to recruit technology and regulatory experts as analysts and specialists could handle the day-to-day operations chains.

With regulatory guidance readily available for each issue, there was no longer a need to hire external regulatory consultants to interpret results. Some technology experts were reassigned to other teams where they were needed more. This reduced the side of the operations team by half.

AWARDS AND RECOGNITION