23 May 2018
https://www.avoka.com

GFT launches Regulatory Change Management Service

18 May 2016  |  2011 views  |  0 Source: GFT

GFT, the global provider of advisory, business consulting, IT and software services to the financial services community, has today announced the launch of its Regulatory Change Management Service, an award-winning solution that gives firms the ability to create an end-to-end tracking process to keep on top of their regulatory challenges.

Using the GFT Regulatory Change Management Service, banks can ensure that senior managers are able to confidently deal with the high frequency of global regulatory change in a structured way, across the organisational silos that exist within the firm. The Service synthesises the mass of information that all firms need to deal with, covering: content feeds, taxonomy and repository, roles and responsibilities, best practice business impact analysis, requirements and functional design production; all brought together by the GFT Regulatory Change Manager which incorporates workflow, task management and a visually impactful dashboard.

Every new piece of relevant regulation affecting financial firms, including MiFID II, EMIR, FRTB, SMR and Dodd-Frank can be covered. The new Service offers a cost effective interpretation of all global regulations, then uses best practice to build the requirements and functional designs, enabling banks to keep abreast and comply with each regulation. The toolset that the Service deploys has already been awarded a Banking Technology Award for ‘Best Use of IT for the purpose of Risk / Regulatory Change’, following the successful implementation of a Trade and Transaction Reporting department project at RBS.

The new Service provides mutualised interpretations of each regulation that are common to all affected firms, providing reassurance for organisations that they are implementing a compliant resolution for the particular regulations which affect them and a lower total cost of ownership for the industry as a whole, as more banks take up the Service.

Gareth Richardson, Managing Director at GFT UK commented: “Regulations may be multi-layered and regional, but they create similar challenges for banks whether they are based in the City of London or on Wall Street; the new GFT Regulatory Change Management Service helps solve these difficult regulatory challenges and mutualises these answers for all users of the Service, providing a lower total cost and risk no matter where they are located.”

The initial deployment was with the Trade and Transaction Reporting department of RBS, covering MiFID I, EMIR, and Dodd-Frank. GFT specialists developed a solution that enables the bank to take a holistic view of its regulatory reporting requirements across the entire organisation. The unique solution enables the bank to monitor both its current and future reporting obligations, whilst providing auditable traceability between each regulatory change and the business requirements drafted to meet them.

The evolved GFT Regulatory Change Management Service brings together three powerful components. It provides updates of any regulatory change by pulling in data from hundreds of data sources. The process tool, the GFT Architectural Visualiser (GAV) uniquely links business requirements to interpretations to regulation and enables the automatic generation of business requirements for each regulation and asset class. The third component is the GFT Regulatory Change Manager, a dashboard that brings everything together, visualising the regulatory change progress through a highly configuable workflow to successful implementation.

Tony Sodhi, Head of Legal, Regulatory and Compliance at GFT said: “Our experienced team of regulatory specialists have established a new smart approach - a complete ‘end-to-end’ solution to the complex regulatory control challenges faced by the financial community in a world of continual regulatory change, . We have seen a huge appetite for this type of solution from our clients, so it is very exciting to be able to roll this Service out to the market. The ability of the Service to demonstrate and log regulatory compliance actions will also give comfort to hard-pressed senior management within banks.”

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit www.vasco.com/news/mobile-firstVisit response.ncr.com

Top topics

Most viewed Most shared
PayPal agrees $2.2 billion deal for iZettlePayPal agrees $2.2 billion deal for iZettl...
9917 views comments | 16 tweets | 28 linkedin
BBVA begins global roll-out of unified mobile appBBVA begins global roll-out of unified mob...
8728 views comments | 6 tweets | 5 linkedin
Japanese banks join quantum computing hubJapanese banks join quantum computing hub
7385 views comments | 8 tweets | 5 linkedin
SEC lures wannabe crypto investors with fake ICO siteSEC lures wannabe crypto investors with fa...
6903 views comments | 7 tweets | 11 linkedin
Digital banking transformation creating new systemic risksDigital banking transformation creating ne...
6643 views comments | 17 tweets | 22 linkedin

Featured job

Find your next job