About RSMS for CAT
Capital Market Solutions (CMS) offers a comprehensive Regulatory, Surveillance, and Monitoring Solution (RSMS) to help financial institutions comply with regulatory requirements, including the Consolidated Audit Trail (CAT) reporting. RSMS for CAT is a powerful tool that enables firms to efficiently manage their CAT reporting obligations, ensuring accurate and timely data submissions.
The Case
A mid-sized financial firm that utilizes CMS’s RSMS solution for CAT reporting underwent a FINRA audit examination. During the audit, the FINRA regulator requested numerous items from the firm, including supporting trading transactions and CAT records dating back 9 months, presented in chronological order.
How RSMS Helped
RSMS’s CAT ROE (Record of Events) Viewer, a comprehensive module, allowed the firm to easily extract the necessary data records from the RSMS platform, fulfilling the regulator’s request with just a few clicks. This module provides a user-friendly interface for firms to access and review their CAT data, making it simple to generate reports and respond to regulatory requests.
Without RSMS’s CAT data repository solution, the firm would have needed days, if not weeks, to fulfill the regulator’s request for data records. The RSMS platform’s ability to store and organize CAT data in a centralized and searchable manner proved to be invaluable during the audit.
The RSMS solution not only helped the firm quickly and efficiently respond to the FINRA regulator’s request, but it also demonstrated the firm’s commitment to maintaining accurate and well-documented CAT reporting. This type of compliance and transparency is crucial in maintaining a good relationship with regulators and demonstrating the firm’s adherence to regulatory requirements.
Conclusion
The FINRA audit examination case study highlights the significant benefits that the RSMS solution can provide to financial firms in managing their CAT reporting obligations. By leveraging RSMS’s comprehensive data management and reporting capabilities, the firm was able to quickly and easily fulfill the regulator’s request, demonstrating its commitment to compliance and transparency.
The RSMS solution’s ability to store and organize CAT data in a centralized and searchable manner proved to be a valuable asset during the audit, saving the firm significant time and resources that would have otherwise been spent manually searching for and compiling the necessary data records.
Overall, this case study underscores the importance of having a robust and reliable regulatory compliance solution like RSMS in place to support financial firms in navigating the complex and ever-evolving regulatory landscape, particularly when it comes to critical reporting requirements like CAT.