You may have heard of this upcoming EMIR REFIT change, or maybe even started seeing EMIR facts and figures being bandied about. Instead of repeating what everyone else has already said, we want to help explain what it all really means.
EMIR REFIT can essentially be distilled down into three areas:
- A change in philosophy
- A transformed landscape
- A new attitude to compliance
1. A change in philosophy
EMIR REFIT is about the harmonisation of global regimes and the standardisation of data, to fundamentally improve the accuracy and completeness of what is reported.
What this means is that it’s no longer just about hoarding historical data, it’s about being able to provide meaningful data at a unified quality standard.
2. A transformed landscape
As already mentioned, simply focusing on field changes in EMIR REFIT misses the point of how profound the shift is.
Everything is being recalibrated from reconciliation to output meaning that the focus is now on the why as well as the what, which requires fundamental reengineering of processes to remain compliant in this new landscape.
3. A new attitude to compliance
The shift to tighter EMIR REFIT data requirements will reduce uncertainty across the entire reporting chain.
Reduced uncertainty can actually present opportunities to streamline operations and lower TCO.
So what’s next?
With EMIR REFIT already being rolled out, you need a clear understanding of where you stand – and to help with that we have put together an event bringing together experts from the entire reporting chain to help give you a genuine understanding of what is to come and how it will affect you.