The International Swaps and Derivatives Association (ISDA) is seeking quotes for the development of a traceability tool for its Digital Regulatory Reporting (DRR) solution. The tool is intended to help companies meet their regulatory reporting obligations.
The traceability tool would be used for transparency for users of the ISDA DRR. It will pinpoint why and when certain DRR coding decisions were made and how they tie back to regulatory requirements. This provides an audit trail of the coding process and enables further validation of decisions that are reported. It also will allow firms to trace the lineage of what they report back to the final rules.
The association requests the tool use artificial intelligence to extract information from ISDA working group meetings’ minutes to examine DRR coding decisions and explain why the decisions were made.
Interested companies can request a copy of the detailed requirements document by emailing CDMDRR@isda.org. Proposals are due by 5 p.m. EST on Nov. 28. A decision will be made no later than Jan. 30.
The ISDA DRR converts an industry-agreed interpretation of regulatory reporting rules into unambiguous, machine-readable code. ISDA has pledged to maintain the DRR code as the 12 reporting rule sets in nine major jurisdictions it supports evolve.