Client: Internationally active private and retail bank

Challenge:

The internationally active private and retail bank Privat- und Retailbank had to revise its existing EMIR reporting for derivative products and implement the new, extended requirements of EMIR-Refit (European Market Infrastructure Regulation). This required the introduction of a new standard IT solution to create the reporting processes.

Our role:

We took on two essential roles in this project:

• Business Analyst: Analyzing the existing reporting processes and systems and defining the requirements for implementing the new EMIR refit regulations.
• Subject matter expert: Providing in-depth knowledge of the regulatory requirements and their impact on the bank’s business processes, particularly in the area of derivatives reporting.

Solution:

We carried out a comprehensive analysis of the existing EMIR reporting processes and identified gaps in relation to the new EMIR refit requirements. Based on this analysis, we developed clear specifications for the IT system adjustments and processes. The extended reporting requirements were successfully implemented in close cooperation with the IT and specialist departments. We also trained the relevant teams to effectively establish the new processes and ensure data quality.

Result:

The bank was able to fully implement the new EMIR refit requirements on time. Reporting was optimized and now complies with the extended regulatory requirements. By improving data quality and processes, the bank was able to strengthen its transparency and compliance and significantly reduce the effort required to prepare the regulatory reports. This not only helped to minimize regulatory risks, but also strengthened the bank’s position as a reliable player in the international financial market.