Berenberg partners with Kaizen to enhance EU and UK MiFIR transaction reporting

Berenberg, one of Europe’s leading privately owned banks, has partnered with Kaizen, a top RegTech firm, to streamline its regulatory reporting processes.

Berenberg, renowned for its robust financial services, and Kaizen, distinguished for its innovative regulatory technology solutions, aim to enhance the accuracy and efficiency of Berenberg’s EU and UK Markets in Financial Instruments Regulation (MiFIR) transaction reporting.

The partnership is designed to address the complexities of regulatory requirements which demand complete, accurate, and timely reporting. By leveraging Kaizen’s award-winning ReportShield™ Accuracy Testing, Berenberg intends to fortify its reporting standards and ensure compliance with both EU and UK regulatory frameworks.

Berenberg, established as a key player in the financial industry, offers a wide array of services including private banking, investment management, and corporate banking. The bank’s commitment to compliance and precision in transaction reporting is crucial in maintaining its reputable standing in the financial markets.

On the other hand, Kaizen specialises in RegTech solutions that provide financial firms with the tools needed for comprehensive regulatory reporting. Their flagship service, the ReportShield™ Accuracy Testing, is a managed solution that performs deep testing across all transaction records, ensuring unparalleled visibility into reporting quality. Additionally, Kaizen’s Advanced Regulatory Reconciliation solution aids firms in reconciling their trading data with regulatory reports, highlighting discrepancies and preventing reporting errors.

The partnership also comes at a time when financial institutions are navigating through significant regulatory changes, such as the EMIR Refit and the EU’s MiFIR Review. These developments make Kaizen’s tailored solutions even more essential for firms like Berenberg, aiming to uphold high regulatory standards.

Other services provided by Kaizen include their unique web-based platform, the Kaizen Hub, which offers user-friendly access to their reporting assurance solutions, suitable for all global reporting regimes including MiFIR, EMIR, and the Securities Financing Transactions Regulation (SFTR).

“Kaizen Managing Director – Head of European Sales Jean-Marie Mamodesen said, “We are delighted to be working with Berenberg, one of Europe’s leading privately owned banks, to independently check the quality of their EU and UK MIFIR Transaction Reporting data. It’s a challenging time for firms as they grapple with significant regulatory change including EMIR Refit and the EU’s MiFIR Review. The solutions we offer at Kaizen help ensure that firms have the best control framework in place and are better served to deliver the high standards that the regulators have come to expect.””

“Berenberg Head of TS Clearing & Reporting Stephan Henning said, “We are delighted to be working with Kaizen. In this way, we can further automate and improve processes in the area of reporting and create significant added value for our customers. We look forward to a successful long-term partnership with Kaizen.””

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