Managing your issues is the MOST critical control to stay on top of.
Overview: The Issues Tab serves as a centralized repository for all problems identified within KOR RS. It is essential to address these issues promptly to maintain regulatory compliance and operational efficiency. KOR RS tracks the state of each issue or rejection. The screen is like a "burndown" to work.
Objective: The primary objective is to reduce unresolved issues to zero by either resolving them or marking them as "IGNORED". Operations teams should prioritize addressing issues based on their urgency, considering factors such as proximity to deadlines (e.g., timeliness) and regulatory implications.
Prioritization: Operations teams have the flexibility to determine their preferred method of prioritizing issues. For example, prioritizing issues nearing deadlines, followed by those with the most time left or those that are already late, can help streamline the resolution process and minimize regulatory risk.
Importance of Timely Resolution: It is crucial to address issues promptly to prevent them from lingering and potentially triggering regulatory notifications. Failure to resolve issues in a timely manner may result in compliance violations and the need for corrective actions, as outlined in regulatory guidelines such asCFTC Staff Letter No. 22-06.. (reference What are the requirements to correct errors?)
Filtering Options: The user interface (UI) allows users to filter issues based on where they were encountered. Operations teams may consider assigning specific issue types to different team members based on their expertise or workload capacity. Additionally, filtering by issue priority can help teams focus on resolving the most critical issues first.
Issue Types and Statuses: Below is a summary of the different types of issues and their corresponding statuses:
| Issue Type | Description | Possible Statuses |
| Ingestion | An issue with the initial upload. Could be related to file formatting. |
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| Submission | An issue with a submission. Could be a failed rule or missing value. Also indicates a potential Eligibility failure. |
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| Regulatory Message | An issue with the regulatory message creation. or a validation on it. |
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| Output | An issue with either the creation or submission of an output. |
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| Static Data | An issue related to enrichment from a static data source. |
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| Unknown | Further investigation required. Likely requires update and resubmission from client source system. |
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States
- RESOLVED: The issue has been successfully addressed and resolved. This is achivied by resubmitting the submission from the source system or making a rule configuration adjustment and reprocessing the submission.
- UNRESOLVED: The issue is pending resolution and requires further action.
- IGNORED: The issue has been deemed not applicable and has been marked as such. For example, the submission was made in error.
- It is CRITICAL to only thoughtfully ignore issues once analysis has been done to detemine ignoring the the correct action and will not result in missing or incorrect reports.
- Compliance should consider periodic reports on issues filtered by ignored status to check teh number that are being ignored are appropriate.
- Each message tracks the time taken from the issue creation to its resolution.
Conclusion: Efficiently managing issues within the Issues Tab is essential for maintaining regulatory compliance and operational integrity. By promptly addressing and resolving issues, operations teams can minimize risks and ensure smooth trade operations within KOR RS.
Automatically checking for issues
It is highly recommended for clients with medium to high data volume to set up an automated check for all issues. KOR offers the capability to view and address all issues efficiently through a single API call.