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Case Study: How a Global Banking Institution Deployed a Reference Data Management Program to Become a Dodd-Frank Thought Leader

Challenges

In response to the Dodd-Frank Act, our client, a global banking institution, sought to establish a program that would implement changes to their reference data management systems in compliance with the new regulations, including the Legal Entity Identifier, Swaps Data Reporting, Business Conduct and Trade Controls reporting requirements.

However, our client lacked the requisite resources and expertise to fully deploy this program. They engaged Knowledgent for our experience in regulatory compliance, participation in SIFMA and ISDA industry working groups, and leading-practice capabilities in gathering requirements and implementing reference data technology.

Approach

Our team started the project by performing a current-state assessment of our client’s trade process flows and integration points with reference data management systems to identify where changes were needed for Dodd-Frank. We also participated in SIFMA and ISDA industry working groups to understand impact of the Dodd-Frank rules and define an industry response to implement the new rules.

Once we had the required information, we completed an end-to-end software development lifecycle process for several Dodd-Frank requirements, including business requirements, design, build, and testing in order to meet the regulatory deadlines.

Results

As a result of this project, our client became a thought leader and participant in many Dodd-Frank industry groups.

Our client also was one of the first banks in the industry to implement the LEI across their entity, client, and subaccount systems by the regulatory deadline.

Later, the program was expanded to handle other regulatory initiatives, including Know Your Counterparty, ISDA protocol, and the Unique Product Identifier.

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