Financial institutions have emerged from the rigorous regulatory and data demands of 2014 – battle weary and suffering a few scrapes and scars – but otherwise unscathed. On a whole, 2014 will be remembered as the year when regulators started to flex their muscles, levying a record number of fines and promising to become more involved at an earlier stage, making many financial institutions finally sit up and take notice. In this paper, we discuss what we expect for regulation in the Asia Pacific region for 2015.
Financial institutions have emerged from the rigorous regulatory and data demands of 2014 – battle weary and suffering a few scrapes and scars – but otherwise unscathed. On a whole, 2014 will be remembered as the year when regulators started to flex their muscles, levying a record number of fines and promising to become more involved at an earlier stage, making many financial institutions finally sit up and take notice. In this paper, we discuss what we expect for regulation in 2015.
In this paper, Joe Dunphy, Fenergo’s Head of Product Management, describes the perfect storm that is brewing in the world of financial services. Operating in a tumultuous regulatory environment, investment banks and capital market firms are trying to brace themselves against the onslaught of existing, enhanced and new regulatory requirements, each with regional variations and changing timeframes and scopes. This puts the strategic organizational objectives of the COO and CEO at odds with the tactical capabilities of the institution’s compliance, data management and onboarding teams.
Amid a tsunami of new and enhanced regulatory obligations, 2014 has witnessed a tidal wave of press releases announcing the launch of countless utilities emerging from the tumultuous seas of financial services. In this paper, Joe Dunphy, Head of Product Management with Fenergo, explores the benefits that such utilities can bring to financial institutions with particular respect to onboarding new legal entities or new products and accounts for existing legal entity clients. Additionally, he outlines the key players in the utilities space and explains how Fenergo’s suite of Regulatory Onboarding, Client & Counterparty Data Management and Client Lifecycle Management solutions integrate with these utilities.
The ever-evolving regulatory landscape is forcing financial institutions to solve multiple regulations and compliance rules simultaneously. Each of these regulations dictate a different set of data and documentation requirements putting increased pressure on already stretched compliance, data management and onboarding teams. This product paper explores the benefits of incorporating a robust rules engine into the Regulatory Onboarding, KYC Compliance Management, and Client Lifecycle Management processes and outlines, in particular, how the Fenergo Rules Engine works in practice.
In this whitepaper, Fenergo describes a best practice approach to regulatory documentation management based on implementations it has completed for Tier 1 and Tier 1 financial institutions in investment banking and capital markets. The benefits of implementing a best practice approach like this includes greater operational efficiencies, an enhanced client experience, improved time to revenue, better risk and compliance management and proven regulatory coverage.
At a time of unprecedented regulatory unrest, financial institutions are struggling to determine how they will comply with all the new regulations making their way into the world of financial services. New regulations, such as FATCA, Dodd-Frank, EMIR and MiFID, as well as enhancements to existing AML and CDD regulations, are placing even more demands on already stretched compliance, data management and onboarding teams. In this paper, Fenergo outlines its unique approach to achieving an efficient and effective regulatory onboarding programme by adopting a horizontal approach to compliance management and a lifecycle approach to regulatory onboarding.
New research undertaken by analyst firm Aite Group and Fenergo finds that capital market firms are actively moving toward a more centralized client onboarding and legal entity data management framework to provide a single point of access to client data and a consolidated view of a client across the enterprise.
New data management research published by Fenergo and FIMA (Financial Information Management Association) shows that regulatory/compliance data requirements and existence of data silos are top priorities and areas of concern for financial institutions in 2013. Report available for download.
This report is based upon the findings of a survey undertaken with 17 top tier financial institutions and finds that despite its revenue-generating abilities, client onboarding remains an under-funded, technology-lagging, and paper-based or spreadsheet-driven process. This is contributing to a well-spring of problems in the areas of compliance, regulation and risk management; client experience; technology and data; and operational efficiencies.