ZEDA Offers MiFID Compliance Testing Service

ZEDA, an It firm, is offering a testing and risk assessment service to help banks comply with the Markets in Financial Instruments Directive (MiFID). The service starts with a test audit process to determine the overall capability of the bank

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ZEDA, an It firm, is offering a testing and risk assessment service to help banks comply with the Markets in Financial Instruments Directive (MiFID).

The service starts with a test audit process to determine the overall capability of the bank and its capacity to highlight areas of concern. A list of recommendations follows, to be implemented before MiFID modifications begin. Then the test process improvement programme identifies enhancements that need to be made internally to testing procedures to meet the directive’s deadline. Finally, its resource risk assessment identifies gaps in manpower and skills, advising banks where to strengthen.

Steve Tomlinson, Services Manager at ZEDA, says that many companies under budget for systems and software testing. “Banks can expect to spend as much as 25% of their MiFID compliance budget on testing, and the November 2007 deadline leaves us just over a year to get systems in place to allow for a 4-5 month testing period,” he says. He warns that companies need to prepare for software testing now, to avoid “limiting their resource options and paying over the odds for services when demand for testing peaks”.

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