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ESG Data Handbook 2022

The ESG landscape is changing faster than anyone could have imagined even five years ago. With tens of trillions of dollars expected to have been committed to sustainable assets by the end of the decade, it’s never been more important for financial institutions of all sizes to stay abreast of changes in the ESG data…

MCO Closes Acquisition of Schwab Compliance Technologies for Conduct Risk

Dublin-based conduct risk and compliance technology specialist MCO (MyComplianceOffice) has completed its acquisition of Schwab Compliance Technologies (SCT). The purchase – for an undisclosed sum – adds the ability to monitor employees’ trading activities to MCO’s product line and brings its client base to more than 1,300 firms globally. SCT – which started life as Compliance11 Inc….

Citi, State Street Join FundGuard Platform as Part of $40 Million Funding

Citi and State Street Corp. have joined existing investors in FundGuard’s $40 million Series B funding round, becoming strategic partners in the company’s bid to establish a SaaS-based investment management and asset services platform. With ‘anchor tenants’ Citi and State Street on board, FundGuard is now launching efforts to add more specialised providers of capabilities…

The 16 Best Conduct Risk Solution Providers in 2022

Following many well publicised misconduct issues within financial services, there is now a regulatory spotlight on the issue of conduct risk (in addition to all the fines) in an effort to help rebuild trust and support future growth. The FCA broadly defines conduct risk as ‘any action of a regulated firm or individual that leads…

Recorded Webinar: The future of KYC and AML: How to tackle the challenges and gain the opportunities of perpetual KYC

Perpetual Know Your Customer (or pKYC) could be a game changer for client onboarding, due diligence and financial crime compliance. Moving on from today’s reactive approach that conducts client KYC processes at onboarding and typically at one, three and five year intervals, pKYC takes a proactive approach, creating a digital KYC profile and dynamically refreshing…

RiskBusiness Acquires Gold Operational Loss Database

RiskBusiness Services has acquired the Global Operational Loss Database (Gold) from partner UK Finance, the former British Bankers Association (BBA). RiskBusiness, a UK-based provider of SaaS-based compliance solutions, plans to offer the Gold database to allow firms to benchmark and measure their exposures to operational risk. Mike Finlay, CEO and Chief Product Architect, RiskBusiness, says:…

Suffolk Building Society Adopts TruNarrative for Financial Crime Mitigation

Suffolk Building Society has opted to start using TruNarrative’s platform for real-time financial crime decisioning and risk rating, in a move which the UK mutual says will significantly improve the efficiency and speed of onboarding new mortgage customers. Acquired by LexisNexis Risk Solutions in 2021, TruNarrative is UK based regtech which has developed a unified…

Operational Resilience Ranks High on Regulators’ List of Concerns

Increased regulatory scrutiny of operational resilience in capital markets is forcing firms to take a more proactive approach to maintaining critical business functions. Continuity planning inevitably comes into focus during major events such as a global pandemic. But regulators’ concerns around the prevalence of other incidents – from ransomware attacks to natural disasters – have…

Concern Remains as Delay, Revision and Data Hang Over FRTB

The proposed Fundamental Review of the Trading Book (FRTB) was formulated to protect banks against a repeat of the devastation caused to the sector during the 2008 financial crisis. Initially suggested in 2012, it was drawn up in 2016 by the Basel Committee on Banking Supervision (BCBS), and revised in 2019 with a view to…

Getting Real About Perpetual KYC

Perpetual KYC, or pKYC, has the potential to revolutionise financial crime compliance. But practitioners and vendors need to be realistic about what can be achieved. It is easy to see why financial institutions are enthusiastic about pKYC. A new report by PwC suggests banks can reduce their KYC costs by up to 80% across the…