Kaizen Reporting, a provider of a regulatory reporting service for financial firms, has won a Queen’s Award for Enterprise, the highest accolade in UK business.
Kaizen’s award comes in the innovation category for the prestigious business awards which were announced by the Business Secretary Greg Clark.
Kaizen won the award for its ReportShield quality assurance service which tests 100 per cent of regulatory reports. This is in contrast to traditional methods which only test small data samples. This in-depth testing gives Kaizen’s clients full sight of any errors within their reporting data so they can be corrected.
Kaizen CEO and founder, Dario Crispini (pictured), says: “Winning a Queen’s Award for innovation is a huge honour and recognition of the way Kaizen’s ReportShield testing is changing the way reporting is done throughout the industry.”
Regulatory trade and transaction reporting has become absolutely vital since the financial crisis in 2007. Regulators rely on regulatory reporting to detect insider dealing, rogue trading and the build-up of systemic risk (one of the primary causes of the crisis).
However regulatory reporting is becoming increasingly complex and financial firms have struggled to get it right. This has resulted, in some cases, in regulatory fines running into millions of pounds and costly bills to retrospectively fix the errors.
In response to this, Crispini, a former regulator, and Ian Rennie, industry expert, set up Kaizen Reporting in 2013 to help improve the quality of firms’ regulatory reporting. By combining their regulatory knowledge with data science, Kaizen developed ReportShield, an automated service that fully assesses the quality of regulatory reporting data.
Crispini says: “Incorrect regulatory reporting is a major industry problem that Kaizen wants to help solve. ReportShield is helping both sides of the industry – firms can be confident of their reporting integrity and avoid fines, and the regulator receives good quality transaction reports, ensuring market transparency.
“I’d like to personally thank the Kaizen team for their dedication and expertise in developing ReportShield, and also our clients and partners for their support over the past three years.”