Bovill adds Qomply’s solutions to regulatory consultancy offering
Bovill has agreed a partnership with Qomply, enabling the firm to add Qomply’s regtech solutions to its financial services regulatory consultancy offering.
With offices in London, Singapore, Hong Kong, Chicago and New York, Bovill is an international, highly specialised consultancy. The firm helps clients in the financial services industry with their regulatory matters, from design and implementation to compliance and reporting.
One of the firm’s offerings focuses on transaction reporting service for financial institutions, covering among others the MiFIR, SFTR and EMIR regulations. Qomply’s technology will now add a range of automated checks and services to provide clients with immediate feedback on the accuracy and completeness of their transaction reports.
Qomply’s so-called Diagnostic Tool comprises a matrix of roughly 1,000 rules and accuracy checks, helping financial institutions to safeguard the quality of their transaction reporting compliance. “Qomply matches the Bovill ethos of delivering flexible, client-centric services, which is increasingly important at a time of significant challenges of new and evolving regulations,” said Damon Batten, Practice Lead Capital Markets at Bovill.
The partnership comes at a time when financial institutions are increasingly investing in their regulatory infrastructure, amid a landscape of growing regulatory pressures. Meanwhile, regulators such as the FCA have upped their expectations from reporting entities, recently sending out a warning that high error rates will not be tolerated.
Recently, the FCA disclosed that 362 firms had submitted a transaction reporting errors and omissions notification to the FCA between January 2020 and the end of October 2020. And in the MiFIR landscape, the FCA further disclosed that for the same time period, it held visits, meetings or conference calls with 58 firms for the specific purpose of discussing transaction reporting.
Michelle Zak, the co-founder of Qomply said: “Qomply is able to offer clients the ability and flexibility in determining when to escalate issues to a regulatory professional. This puts our clients in control of receiving the advice they require for trickier aspects of remediation and maintenance of sound operating models.”
This is where Bovill’s management consultants come in. When requested, they will be able to provide guidance through the remediation process and advise on improvements on operating model, framework, governance and systems and controls.”
Last year, Bovill also agreed a partnership with Grath. As part of the agreement, the two companies launched a joint offering focused on helping financial institutions adhere to the regulatory requirements around the assets they hold on behalf of clients.
