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

A-Team Insight Blogs

Fenergo Enhances Client & Counterparty Data Management Solution to Meet Regulatory Compliance Requirements

Fenergo, a provider of customer lifecycle management software, has extended the model of its Client & Counterparty Data Management solution to capture and manage additional reference data that is essential for compliance with regulations such as the Foreign Account Tax Compliance Act (Fatca), Dodd-Frank, the European Market Infrastructure Regulation (EMIR) and Markets in Financial Instruments Directive (MiFID) II. The extended model also lays data management foundations for future regulation.

The enhanced solution was introduced at the A-Team Group Data Management Summit in London last week and is designed to help financial institutions improve the quality and accessibility of client and counterparty data needed to meet regulations that demand a high level of compliance based on the ability to identify and classify data.

The solution is built on legal entity data management and can extract data from data silos, supplement the data with additional reference data and deliver a logical, single source of data for all legal entities. It includes adaptors for integration with an organisation’s core vendor systems, for example trading systems, as well as with third-party data providers, aggregators and document repositories, allowing legal entities and their data hierarchies to be captured, managed, tracked and visualised. Fenergo algorithms roll up legal entity data and a configurable rules engine based on entity jurisdiction, procedures and documentary evidence supports regulatory compliance.

Dan Murphy, chief operating officer at Fenergo, explains: “There is commonality in regulations such as Fatca, EMIR, MiFID II and Dodd-Frank. The enhanced Fenergo Client & Counterparty Data Management solution aims to meet the regulations’ requirements in one go, rather than requiring separate workflows for compliance with each regulation. The commonality is a look-back process that identifies, captures, cleans and de-duplicates legal entity data. This data can then be used with Fenergo’s algorithms and rules engine to help meet compliance requirements.”

The software can be used as a master or slave to provide unique legal entities and their associated data and is ready to accommodate the legal entity identifiers (LEIs) of the global LEI system mandated by the G20 and being prepared for full-scale operation.

Marc Murphy, CEO of Fenergo, says: “The role of client and counterparty risk management is set to assume greater strategic importance in light of new regulations coming on stream over coming months. We’ve seen in our own Fatca research that financial institutions are struggling with gapped and siloed data, making the process of compliance hard to achieve. Our enhanced Client & Counterparty Data Management solution is designed to help financial institutions accurately measure risk exposure and comply with regulations. By making legal entity data as easily accessible as possible in the correct, standardised format and available on demand, financial institutions can ensure they are meeting their obligations under all the various regulations.”

These are early days for Fenergo, a spin-off from UK and Ireland systems integrator Ergo that has been maturing bespoke client onboarding solutions initially developed by Ergo into a product offering for capital markets participants over the past five years. Client & Counterparty Data Management joins Enterprise Compliance Management and the company’s Client Onboarding Lifecycle Tool on Fenergo’s enterprise platform that delivers a complete solution for managing new and existing clients, data, documentation and regulatory requirements. To date, the privately owned company has secured towards a dozen clients in the UK, US and Europe, and has its cites on the Canadian market in the short term and, longer term, on the Asia Pacific market.

Related content

WEBINAR

Upcoming Webinar: Fighting fraud and financial crime with RegTech

Date: 24 June 2021 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Financial fraud and crime continue to escalate causing significant damage to companies, countries and the global economy despite enormous efforts by firms and organisations in the financial services sector to identify and expel bad actors. As these bad actors...

BLOG

A-Team Group Names Winners of Data Management Insight Awards 2020

A-Team Group has announced the winners of its prestigious Data Management Insight Awards 2020. The annual awards, now in their eighth year, recognise leading providers of data management solutions, services and consultancy to capital markets participants. The award winners were announced online across categories ranging from best sell-side and buy-side data management platforms to best...

EVENT

TradingTech Summit Virtual

TradingTech Summit (TTS) Virtual will look at how trading technology operations can capitalise on recent disruption and leverage technology to find efficiencies in the new normal environment. The crisis has highlighted that the future is digital and cloud based, and the ability to innovate faster and at scale has become critical. As we move into recovery and ‘business as usual’, what changes and technology innovations should the industry adopt to simplify operations and to support speed, agility and flexibility in trading operations.

GUIDE

Entity Data Management Handbook – Seventh Edition

Sourcing entity data and ensuring efficient and effective entity data management is a challenge for many financial institutions as volumes of data rise, more regulations require entity data in reporting, and the fight again financial crime is escalated by bad actors using increasingly sophisticated techniques to attack processes and systems. That said, based on best...