EU Benchmarks Governance
ESMA introduced a common framework and consistent approach to benchmark regulations across the EU.
It aims to ensure benchmarks are robust and reliable, and to minimise conflicts of interest in benchmarks setting processes. The European Benchmarking Regulation stipulates conditions for contributors, administrators and users.
With constantly changing regulations, it can be difficult to understand the requirements and to ensure that firms are fully compliant.
Sirighi’s FS Benchmarks solution is customisable to cater the needs of different businesses and their requirements.
- Records all benchmarks attributes and assigns ownership.
- Performs all benchmarks risk assessments.
- Ensures approval by respective stakeholders at inception and / or during the benchmarks lifetime.
- Sends email alerts to inform stakeholders about changes in the benchmark’s attributes and approval status.
- Monitors the workflow and audit trails.
- Provides dashboards to quickly assess the compliance status.
With our application firms can:
- Maintain data quality to ensure accuracy, completeness, consistency and reliability of data.
- Use a single Benchmarks Information Hub for their IT, Risk, 1LOD and 2LOD teams.
- Monitor Benchmark authorisation timelines, breach management, etc.
- Log all activities and easily find / use them when needed.
- Substantially reduce the number of employees involved in manual and time-consuming tasks.
- Overall, an excellent management tool to prove EU Benchmarking regulatory compliance at a very reasonable cost.