Helping a leading financial institution drive efficient and compliant transaction reporting
Operate services | Transaction Regulatory Reporting
The challenge
A leading European financial institution, needed assistance with daily transaction regulatory reporting (T2R) of its headquartered and European entities. The institution was impacted by legacy reporting processes and faced increasing operational costs to comply with rapidly evolving reporting requirements.
They sought a third-party provider to help manage and optimize daily transaction reporting and looked to create a more transparent audit trail with wide-ranging reporting processes.
Our solution
The Deloitte Solutions team has supported the client in managing the headquarters' transaction reporting, as well as that of its European entities, in accordance with local jurisdictional requirements.
Deloitte Solutions assisted the client with its business and IT transformation, which included new, value-added oversight and control processes.
The client benefitted from improved and more secure daily transaction reporting, encompassing data collection, transaction data validation, and dissemination to competent authorities within regulatory reporting timelines.
The client gained access to a suite of dashboarding solutions, including compliance and oversight dashboards aligned with regulatory requirements, as well as data analytics and market intelligence derived from the client's financial transaction data.
This enabled the client to substantially reduce their global transaction operating costs.
The outcomes
Improved data quality
- Achieved a high rate of transaction acceptance by the regulatory authority.
Regulatory compliance
- Deloitte provided oversight of transaction reconciliation and completeness in accordance with the latest regulatory requirements.
- Achieved greater oversight of daily transaction flows and data quality indicators as required by the authorities.
Increased operational efficiency
- Enabled the client's operating team to dedicate more time to value-added tasks, such as focusing on data quality and reducing counterparty issues.
- Substantially reduced global transaction operating costs.
Strengthened transaction security
- Organized daily transactions under a regulated service, helping security and information and communications technology (ICT) processes meet financial institution requirements.
