Consolidated audit trails are becoming an increasingly necessary component for businesses, especially those in the financial sector. However, compiling a CAT is an extremely difficult, time consuming and expensive process. To resolve this, 31 organizations have responded to a CAT request for proposal and will discuss their efforts at the upcoming CAT Bidders Conference, the Securities Technology Monitor reported.
The CAT RFP was released as part of a Securities and Exchange Commission (SEC) strategy to improve various processes pertaining to order audit trail system solutions. According to the news source, the SEC CAT RFP is part of a broader national market system plan aimed at improving regulatory operations within the financial industry.
The Financial Industry Regulatory Authority and a number of important national exchanges will host the conference discussing the NMS plan and other components of the NMS as a whole. These organizations have been given authority by the SEC to decide which CAT RFP is best suited to meet project requirements, the report said.
Embedded software plays a vital role in making CAT solutions possible, as it is needed to handle many of the audit trail processes in the financial sector. Because such solutions will likely play a business-critical role in operations, effective embedded software testing is vital to support functional success.