Reporting Services: How to monitor Timeliness?

KOR's timeliness feature allows you to monitor the timeliness of your submissions and outputs.

We recommend that clients monitor the timeliness of their reporting by creating a custom report, which can be automated to pull daily via the API. Below are the steps to set up and monitor your reporting effectively.

This report will capture essential data on if you are promptly reporting your trades to the respective regulatory body. Ideally, the report should be returning 0 records daily. Where reports are returned users should investigate the cause to determine if there was a one off issue, or a system or process change should be implemented to prevent similar late reporting in the future. 

Step-by-Step Guide to Creating a Report and a Procedure

1. Report Type

• "Regulatory Messages by Date Range"

2. Fields to Include in the Report (Always) 

• Message Submission Timestamp: between "Start and End of last calendar day"
• Submitted late: is "True"

3. Fields to Include in the Report (Highly Recommend) 

• Reporting Jurisdiction: create a new definition by jurisdiction
• Message Type: create a new definition by applicable message type by jurisdiction. You are more likely to have late Public than Transaction reporting and is helpful to separate different workflow issues. 

4. Fields to Include in the Report (Optional) 

• Asset Class: users may consider breaking out reports by asset class
• Action Type: users may consider breaking apart NEWT from other action types

3. Report Frequency

• Set up the report to run daily, ensuring a regular review of reporting timeliness.

4. Automating Report with API

• You can automate this report using your API by scheduling daily API calls.

5. Reviewing and Interpreting Report

• Daily Monitoring: Review the report daily to ensure that trade reports are being submitted in a timely manner.
• Analyzing Time Lag: Focus on any reports that show a significant "Message Submission Late Duration" value. Users can group by "Message Required Submission Calculation" to know how long they had to report the message. 
• Investigating Issues: Investigate trades with significant time lags, rejections, or errors to resolve potential reporting delays.

6. Escalating Issues

• If you identify consistent delays, rejections, or errors in your report:
  • Ensure your internal systems are submitting data accurately and on time.
  • Escalate to KOR’s support team for assistance with troubleshooting or configuration adjustments.

Monitoring Your Reporting Timeliness is critical for regulatory compliance and operational efficiency. By using KOR’s customizable reporting and API tools, you can ensure that your reporting remains timely and accurate.

What do the timeliness indicators mean?

•  - an accepted message that was reported on time
•  - any public message where there is more than 15 minutes left to report or any other type of message where there is more than 1 hour left to report
•  - any public message with less than 15 minutes to report or any other message where there is less than 1 hour left to report
•  means the submission is late
•  means calculating timeliness does not apply for the message
•  means missing and/or invalid values were submitted for the fields needed to calculate timeliness