Independent price verification (IPV) is an increasingly important process requirement to support finance and risk functions across a wide range of financial institutions. The core IPV process demands that internal prices are verified against independent third party sources.
In order to meet these requirements it is important that firms maintain strict role-based access control over the verification process, as well as process auditability and maker-checker controls to help safeguard and demonstrate compliance.
Market Conformity Checks (MCC) are a requirement specific to German markets, but share similarities with best execution controls in other jurisdictions, as the goal is to ensure trades have been executed in line with prevailing marketing conditions.
In this case study we look at how to configure workflows to meet the regulatory standards.