In this paper, Fenergo suggests that data and technology integration is the key to keeping pace with regulatory demands and supporting banks to ensure that they are delivering a consistent technology infrastructure for global regulation, the associated data and the end-to-end management of all client lifecycle events. We suggest that financial institutions need to review their operating models alongside their technology, data management and regulatory compliance strategies, capabilities and obligations in an effort to introduce greater cohesion and connectivity to the end-to-end process. In doing so, they can reduce the complexity of their internal IT and data management environments and find better ways to consume, process and distribute client and counterparty data and documentation to support regulatory compliance and client lifecycle management more efficiently.
Joe Dunphy, Fenergo’s VP Product Management, explores the role that KYC periodic reviews has to play in the levying of fines in this area and contends that the big problem with KYC is KYD (Know Your Data). With one Fenergo client estimating it can take up to 60,000 interactive hours to complete the KYC review process, it is plain to see that the traditional approach of applying brute force to the problem is mired in operational inefficiencies and escalating costs. Fenergo proposes a new approach to managing KYC periodic reviews
In this commissioned report conducted by Forrester Consulting, Fenergo measures the time, cost and challenges on onboarding complex, institutional clients. The report also explores a case study analysis of the benefits of implementing a Client Lifecycle Management solution.
In this paper, Fenergo calls for a review of the current process of capturing and storing client and counterparty data. Based on successful client implementations, Fenergo illustrates that up to 80% of all regulatory data and documentation required to comply with newer or enhanced regulations has already been collected under existing AML and KYC regulatory obligations. It proposes that by implementing a rules-driven approach to storing, indexing and re-using entity data and documentation on an enterprise-wide level, financial institutions can achieve faster regulatory compliance with multiple regulatory frameworks, more efficient onboarding and enhanced time to revenue.
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.