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ABSA Capital South Africa Selects Trillium Software for Data Compliance
Trillium Software, a business of Harte-Hanks and a leading enabler of Total Data Quality solutions, today announced that Absa Capital- the investment banking division of Absa Bank and affiliated to Barclays Capital, has selected the Trillium Software System to assess the quality of data and ensure it is compliant with key business process requirements. The…
BBA Calls for Accountability and Strong Governance as New Regulators Take Shape
The new UK financial regulators currently being created need to be supported by strong systems of governance and accountability, the British Bankers’ Association has told HM Treasury. In its response to the latest Treasury consultation on regulatory reform, the BBA supported the new focus on supervising individual firms while also monitoring risk in the economy,…
Algorithmics Enhances Solvency II Standard Formula Reporting
Algorithmics, the leading provider of risk solutions, today announced enhancements to its Solvency II Standard Formula reporting capabilities with the launch of a new web-based Standard Formula reporting product: Algo Audit and Compliance. The product is designed to address Pillars 2 and 3 of Solvency II which require insurance firms conducting business in Europe to…
CPSS and IOSCO Trade Repositories Paper Promotes Global LEI and International Product Classification System
The Committee on Payment and Settlement Systems (CPSS) and the International Organisation of Securities Commissions’ (IOSCO) joint working group last week produced a consultative report on the means via which OTC derivatives data should be collected, stored and disseminated by trade repositories across the globe. The report notes the information gaps that currently exist in…
DataFlux Gains Solvency II Momentum with New European Insurance Customers
DataFlux, a leading provider of data management solutions, today announced that nine European insurance firms have selected its technology over the past few quarters to underpin their Solvency II data management initiatives. The DataFlux Solvency II data governance framework is being used by firms to take practical steps to adhere to a wide range of…
Canadian Regulator Stresses the Importance of Keeping in Line with International Data Standards
The Canadian Securities Administrators’ (CSA) trade repositories consultation paper, which was published at the end of June, reflects the importance the regulator is placing on keeping the country in line with international data standardisation efforts. The trade repositories proposals, which were put together by the CSA’s derivatives committee as part of its overhaul of the…
Virginie’s Blog – The Real Cost of Recovery and Resolution in the UK?
This week, the UK Financial Services Authority (FSA) has published its proposals for recovery and resolution planning requirements, which follow on from the Financial Stability Board’s (FSB) recommendations (see more on which here) and much regulatory discussion across the globe on the subject (see the FSA’s discussions from last year here). The regulator estimates that…
Virginie’s Blog – Entity Data Management Falls Down Cross Border
In the same week that the Royal Bank of Scotland’s US ops were slapped with a cease and desist order by the Fed for anti-money laundering (AML) and risk management failures (see more on which here), the International Monetary Fund (IMF) produced a working paper on the state of cross border AML compliance highlighting the…
Virginie’s Blog – More Than a Question of Technology
This afternoon I conducted my first ever twitterview (a twitter interview conducted via my handle @virginieateam) with Marcus Cree, director of risk solutions for SunGard’s capital markets and investment banking business (@MarcusCreeRisk), and Michael Versace, director of global risk at analyst firm IDC-Financial Insights (@versace57). Amusingly, given the format, the topic of conversation was the…
Fed’s Cease and Desist Order for RBS Highlights the Data Issues Underlying its AML and Risk Management Practices
The issuance of a joint consent cease and desist order by the US Federal Reserve Board and a number of other state regulators last week for Royal Bank of Scotland (RBS) Group’s New York, Illinois and Connecticut branches indicates some of the data issues underlying its risk management and anti-money laundering (AML) compliance functions. The…