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KIID factory

One of the major challenges on the KIID is the co-ordination of the whole effort, content creation, assembly, and production. This involves not just the selection of an appropriate tool, the identification of data owners and stakeholders, but the whole complex process of identifying and reacting appropriately to “trigger” events. This is the essence of the KIID. Full production from soup to nuts. Here is the Deloitte service offering.

We can assemble KIIDs for you

How Deloitte Luxembourg can help you assemble your KIID

  • KIID implementation includes considerable technical challenges, but setting up the right organisation and the right processes are amongst the greatest
  • Deloitte offers an 'air traffic control' service providing our clients with the comfort that the whole KIID process is managed
  • More specifically this covers the following components:
    • End-to-end process project management, including KIIDable events monitoring
    • Quality controls (reasonability checks, completeness checks, validation, consistency, etc.)
    • Status/dashboard reporting
    • Escalation process
    • Helpdesk, single point of contact, customer service
    • Regulatory watch
    • Technical maintenance
    • Full 'time and date stamped' audit trail of all transactions and any other items added, removed or amended on-line, including the user ID
    • No data is ever 'hard deleted'
    • Identification possible (on-line) of the user name and date/time of the latest correction

Our comprehensive outsourcing service - End-to-end service offering

  • Our offer encompasses more than the pure production of the KIID. It further provides:
    • KIID trigger management
    • Global coordination with an 'air traffic control'
  • With our selected external KIID platform, we offer an all-inclusive service covering the collection, centralisation, control, coordination and dissemination of aggregated fund data sets, documents and reports
  • Our tool includes a registration matrix covering the countries where the subfunds or classes are distributed. This can be streamlined with our fund registration service

Illustration of operational services provided by Deloitte:

  • Issuing requests to the numerous KIID content providers
  • Checking data completeness
  • Checking reasonability of answers received
  • Data injection into KIID platfor
  • Follow-up of technical issues encountered

Our top-down approach to control and quality is efficient and effective - Air traffic control

High level control

Overview of the current global situation from a Deloitte point of view via the global dashboard (total number of KIIDs to update, total number of delayed tasks, etc).

Client specific view
  • Drill down (by client, by owner, by task)
  • Reminder actions
  • Reminders are sent to owners of delayed tasks
Control and escalation

Check if, after the reminders, tasks are all closed; if not, start the escalation process.

Delivery actions

Ensure the injection of all data in the KIID platform.

Injection control

Check if all data is correctly injected in the system.

Exceptions review

Review exception reports and take action to correct all exceptions.

Illustrative control examples:

  • Prospectus based data capture at set up stage (as opposed to FA data static data file upload)
  • Daily NAV price review for detecting new fund activity
  • Reasonability and coherence checks
  • 'Heat maps' to highlight possibly controversial updates

Our services lower the production burden, but our customers remain in full control - Client control and validation

We provide our clients both with external capacity to deliver and with the necessary tools to always be comfortable that KIIDs are produced with the required quality level:

  • Clients have a 24/7 access to the production system to monitor on-going-activity through dashboard
  • Clients will dictate the KIID data control workflow
  • Clients will dictate the final KIID document publication rules
  • Escalation process in place throughout
  • Audit trails are available on data changes
  • All KIID drafts are archived
  • Follows an agreed operating memorandum

Formal procedures agreed upon for the KIID production process

Our team has the necessary skills and expertise - KIID task force

  • Deloitte offers a mix of experienced and highly skilled resources throughout its regulatory consulting, fund registration, fund financial reporting and capital markets departments
  • As consultants, we can prepare initial data flow analysis and identify all data owners. When needed, we suggest more efficient processes to ensure data is input once and once only

The Deloitte KIID approach has been designed as a comprehensive assistance package across the whole value chain.

It is modular, with each module regularly reviewed to keep it up to date with the very latest market intelligence and best practice. The benefit is optimised when all modules are deployed; however Deloitte will make available not only its premium Deloitte Diagnostics but each module as a 'stand alone' to enable its customers to enhance 'hybrid' models that they may initially put in place.

Contacts

  • Lou Kiesch
    Partner - Regulatory Consulting
  • Xavier Zaegel
    Partner - Capital Markets/Financial Risk
  • Francois-Kim Hugé
    Directeur - Fund Registration Services
  • Christopher Stuart-Sinclair
    Directeur - Regulatory Consulting

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