The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

B-Next Releases MACOC:DOC Application for Cost Effective Reporting for FSA Arrow Visits

Share article

B-next, specialists in software solutions to manage risk and meet regulatory compliance, announces today the release of MACOC:DOC, an application with the capability to demonstrate detailed reporting for FSA ARROW visits and complete management of all capital markets compliance processes. b-next has partnered with arvato systems Technologies (a Bertelsmann company), an international media and communication service provider to develop the application MACOC:DOC.

The FSA has intensified its efforts to monitor banks’ processes since the financial crisis, approximately doubling its workforce and conducting a significantly higher number of quality checks known as ‘ARROW’ visits (Advanced Risk-Responsive Operating frameWork).

The FSA’s supervision of firms according to the risks they present to its statutory objectives requires banks to demonstrate their ability to manage processes and identify potential risks and exceptions. b-next has developed a solution to reduce manual work and simplify the reporting process through MACOC:DOC. The MACOC:DOC application, a module of MACOC:Suite, a platform for integrated regulatory compliance, compiles reports that present an overview of all processes in place from top-level down, creating an efficient and effective method for reviewing individual processes in detail. Any data that is updated to a MACOC module will automatically be updated in MACOC:DOC.

MACOC:DOC delivers best practice features and manages detailed and complex processes, including the type of controls implemented and the parameters in place. Employees are able to monitor for exceptions and identify potential shortfalls.

“The level of detail banks must present to demonstrate their processes can result in a significant amount of manual work and is a time consuming and costly process. We engaged with our clients and developed a standardised product which has the capability to document these processes and extract required information for instant and accurate demonstration,” says Stefan Queck, business development manager, b-next.

“There is huge value in implementing a system which has the capability to manage a broad and complex range of processes. Undocumented is not provable and therefore not manageable. The MACOC:DOC application means that our customers are able to have end-to-end control of their processes and instant access to a reporting requirement that could otherwise take months to collaborate and demonstrate,” says Wolfgang Fabisch, CEO, b-next.

Related content

WEBINAR

Upcoming Webinar: Managing the transaction reporting landscape post Brexit: MiFID II, SFTR, EMIR

Date: 16 March 2021 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes The transaction reporting landscape has, for many financial institutions, expanded considerably in size since the end of the UK’s Brexit transition period on 31 December 2020 and the resulting need for double reporting of some transactions to both EU...

BLOG

ESMA Releases Long-Awaited Third-Country Draft Rules

ESMA this week published its final report containing draft rules for third-country firms providing investment services in the EU under the MIFIR and MiFID II regimes. The document should provide some long-awaited clarity around the ability of third-country firms to operate in Europe – including, of course, the UK, upon its final departure from the...

EVENT

TradingTech Summit London

The TradingTech Summit in London brings together European senior-level decision makers in trading technology, electronic execution and trading architecture to discuss how firms can use high performance technologies to optimise trading in the new regulatory environment.

GUIDE

Regulatory Data Handbook 2020/2021 – Eighth Edition

This eighth edition of A-Team Group’s Regulatory Data Handbook is a ‘must-have’ for capital markets participants during this period of unprecedented change. Available free of charge, it profiles every regulation that impacts capital markets data management practices giving you: A detailed overview of each regulation with key dates, data and data management implications, links to...