Digitalising your regulatory compliance monitoring

Digitalising your regulatory compliance monitoring

Our client required to adhere to the leading regulatory priority for European wealth and assets managers related to investor protection.

The organization requested us to define and implement a regulatory change program from gap identification, solution designing to IT & Business implementation at a large private bank for MiFID II / MiFIR / MAD II  / MAR / PRIIPS.

How our regtech enables compliance monitoring during the full change program:

  • The compliance monitoring is based on our business rules: translation of the regulation, directives, Q&As and industry best practices into clear pragmatic guidance (incl. continuous maintenance)
  • Legal & Compliance first validated the set and “gold-plated” specific parts of the legislation. The business rules are then uploaded in our RegTech decision tree driven solution
  • During initial workshops, Business, Legal and Compliance run through the ‘scoping questions’ to determine which business rules are applicable to the organization
  • Next, owners are identified per Business rule identifying and describing GAP’s and definition of measures in the solution
  • For the client a tailored dashboard was designed for status reporting towards the managing board
  • When regulatory updates are made available, the owner of the related “business rule” gets informed to provide a new compliancy statement
  • This automated process ensures Reusable compliance monitor tool (annual review)

Banks need a standardised process to tackle regulatory changes in uniform way. Global banks even more so, as the process needs to be globally aligned to avoid doing the same thing multiple times