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Case Study

CAT Implementation for a Brokerage Firm

Complying with FINRA's mandatory CAT messaging protocol.


A U.S. brokerage firm needed to ensure it met FINRA’s mandated compliance dates for Consolidated Audit Trail (CAT) implementation. Together, Broadridge Consulting Services and the firm prepared and implemented reporting best practices and executed an end-to-end testing strategy.

ESTABLISHED END-TO-END BUSINESS TESTING STRATEGY

Devised comprehensive testing strategy and roadmap for significant business transformation, including over 100 new business workflows aligned with governance and audit policies and procedures.


LAUNCHED TESTING ENVIRONMENT

Created and executed over 4,000+ test cases integrated with regulatory body, regulatory governance and reporting.


MANAGED COMPLEX IMPLEMENTATION

Conducted testing process across multiple internal systems, third-party vendor applications and national reporting site.


PROVIDED PROJECT LEADERSHIP AND EDUCATION

Worked closely with client team, educating them on conversion requirements, best practices, expected deliverables and timelines.


ACCELERATED COMPLIANCE

Enabled client to complete OATS to CAT conversion phases prior to the FINRA mandated compliance dates.

TACKLING MANDATED REGULATORY CAT COMPLIANCE

This U.S. brokerage firm needed to ensure it met FINRA’s mandated compliance dates for Consolidated Audit Trail (CAT) implementation. This meant retracing Order Audit Trail System (OATS) compliance across multiple order entry systems and third-party applications, then mapping them to the CAT messaging protocol. New business workflows needed to be devised and thousands of test cases had to be run for the firm and its correspondents. The firm required expert resources to stay on schedule because the failure to comply could result in substantial penalties.

ACCELERATING DEPLOYMENT

Together, Broadridge Consulting Services and the brokerage firm prepared and implemented reporting best practices and executed an end-to-end testing strategy. Applying deep insight into the business, compliance, data and processes involved, Broadridge aligned current-state workflows to FINRA requirements, bringing together all relevant systems and applications. They quickly mapped new workflows to transfer OATS reporting to CAT reporting, then identified and ran more than 4,000 test cases. Broadridge worked closely with brokerage firm stakeholders and sponsors to develop a framework for reporting and change management, educating the firm’s OATS experts on compliance governance policies, procedures and other conversion requirements. Documenting progress at every step, together Broadridge and the brokerage firm completed implementation well before the mandated date.

Core Benefits

  • Deep business, reporting, regulatory and technology subject-matter expertise
  • Extensive knowledge of FINRA requirement
  • Proven testing implementation framework
  • Third party vendor management
  • Fast and efficient execution

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