Berenberg Selects Kaizen for Regulatory Reporting Assurance

One of Europe’s leading privately-owned banks, Berenberg selects Kaizen as its regulatory reporting assurance provider.

The agreement sees Berenberg take Kaizen’s award-winning (ReportShield) Accuracy Testing to support the bank to effectively meet the regulatory requirements of complete, accurate and timely EU and UK MiFIR transaction reporting.

Kaizen’s ReportShield™ Accuracy Testing is an automated, managed solution that tests the quality of trade and transaction data reported to the regulator. What makes it unique is the comprehensive deep testing of all records, which provides financial firms with full visibility of their reporting quality. The solution is available via the Kaizen Hub, Kaizen’s easy to use web-based platform. It is the only assurance solution that is tailored to all global reporting regimes including MiFIR transaction and post-trade reporting, EMIR, and SFTR.

In addition to Accuracy Testing, Kaizen offers an Advanced Regulatory Reconciliation solution that provides an independent assessment of the completeness of a firm’s regulatory reporting to identify under and over-reporting. It identifies mismatches of data (price, quantity, product difference etc) between a firm’s trading systems and what has been reported to the regulator.

Jean-Marie Mamodesen, Managing Director – Head of European Sales at Kaizen, commented: “We are delighted to be working with Berenberg, one of Europe’s leading privately-owned banks, to independently check the quality of their EU and UK MIFIR Transaction Reporting data. It’s a challenging time for firms as they grapple with significant regulatory change including EMIR Refit and the EU’s MiFIR Review. The solutions we offer at Kaizen help ensure that firms have the best control framework in place and are better served to deliver the high standards that the regulators have come to expect.”

Stephan Henning, Head of TS Clearing & Reporting at Berenberg said: “We are delighted to be working with Kaizen. In this way, we can further automate and improve processes in the area of reporting and create significant added value for our customers. We look forward to a successful long-term partnership with Kaizen.”