Mantas, a business of i-flex solutions (Reuters:IFLX.BO & IFLX.NS) and a provider of regulatory compliance, loss prevention and revenue generation solutions, today announced the launch of its Industry Best Practice Consortium, held October 11 and 12 in New York.
The ongoing consortium, sponsored by ABN AMRO, is designed to foster a common approach to compliance, identify industry best practices, refine risk management processes while developing a strong and direct bond between all Mantas clients globally. More than 20 companies participated in the event, from all sectors of the financial services industry, such as retail, wholesale, brokerage and correspondent banking.
According to Stephen Epstein, VP & Head of Product Management for Mantas, "The consortium is designed to engage the industry in a common dialog around regulations and compliance, share best practices and lessons learned. Our discussions these past few days have been fruitful, and we anticipate the consortium being a key information resource and learning center for clients moving forward."
Topics during the two-day session included threshold setting, which featured presentations from every attendee, threshold methodology, scoring methodology, process and model/scenario validation. The group plans to meet quarterly to cover issues that financial institutions of all sizes face in the area of regulations and compliance. The consortium will also meet and have a separate breakout session at the annual Mantas Global User Conference.