Duco launches pre-configured processes for accelerated EMIR Refit assurance controls
Out-of-the box, future-proof intersystem and post-reporting control solution to get ready for the Refit
2nd November 2023, London – Duco, the #1 SaaS provider of AI-powered data automation, today announced the launch of pre-configured processes as part of its EMIR assurance solution. The out-of-the-box processes provide the core data controls between trade capture, trade reporting store and the trade repository, in line with the EMIR ISO XML formatting.
The solution comes with operational dashboards for improved oversight and exception management, intelligent root cause analysis suggestions, and a workflow engine to appropriately route and remediate exceptions. It only takes a few days to deploy, doesn’t require any build, and users do not need to worry about ongoing maintenance updates.
For example, when the ESMA announced changes to the schema on 6 September, Duco made the updates to the processes and deployed them within a few days, thanks to its SaaS model.
The EMIR Refit will make maintaining control of data integrity much harder, with more data to report, new fields (UPI), and changes in how reporting fields are contrived (UTI). Whether firms are delegating their reporting or doing it themselves, the responsibility firmly sits with them. There will be a lot less tolerance for bad data going forward and clients will need to demonstrate they have an appropriate control framework in place.
“Preparation for the Refit is heating up.” says James Maxfield, Chief Product Officer, Duco. “We are seeing firms struggling with their legacy providers. For example some systems can’t manage the number of columns and fields, which means firms have to break up their reconciliation processes. Others generate so many breaks on their internal control reconciliations – sometimes in the millions a week – that firms can only reconcile weekly, which we know won’t be adequate with ESMA’s increased expectations around data integrity. The data quality is continuing to degrade. Duco’s solution is market leading in its ability to embed data quality checks into matching rules and completeness checks to trust your data, and in insulating customers from future regulatory change.”