The tool that had been developed in response to SFTR (Securities Financing Transactions Reporting) relied heavily on manual processes and could not be relied upon in the long term. Due to its manual nature, the tool was fairly inefficient to run and introduced risk into the reporting process. It also did not integrate with the existing strategic platform, meaning that it was not adequately controlled.
This created a challenge for our Client – failure to meet the reporting requirements, both from a timeframe and accuracy point of view would have resulted in a regulatory breach and the need to notify the external supervising authority. As a result, they needed to enhance their strategic control platform to meet the needs of SFTR quickly.
Our Client had outlined the desire to transition to the strategic reporting platform but due to limited resources, internal capabilities and the number of stakeholders involved, this had not progressed as intended. Delivery timeframe pressures had resulted in a breakdown of communications between key stakeholders, further impacting the timely delivery of the project. To help them overcome this, Beyond were engaged to expedite the programme and deliver the transition quickly.