GFT says it has launched a Regulatory Change Management Service, which it describes as a solution that gives firms the ability to create an end-to-end tracking process to keep on top of their regulatory challenges.
The global provider of advisory, business consulting, IT and software services to the financial services community says the service means that 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.
Every new piece of relevant regulation affecting financial firms, including MiFID II, EMIR, FRTB, SMR and Dodd-Frank can be covered, it adds. 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.
GFT says 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.