from spreadsheets to a comprehensive monitoring solution in days...
WHAT WE DO
Our core business is taking clients with who manually monitor 30-odd control points across SYSC and COBS and deliver them a Tier 1 Regulatory Compliance Monitoring Solution for a fraction of the cost.
OUR TYPICAL CLIENT
Our latest implementation was typical of all our client base. A Pakistani bank based in London with a complete trading business across all asset classes. The Compliance team of three would struggling to keep on top of up and coming regulatory changes. They have no real-time tracking if their regulatory compliance. FCA audits generally take two weeks preparation and a weeks support.
CASE STUDY - BEFORE STATE
Monitoring programme where they manually monitor 35 points across SYSC and COBS once a year and have no visibility into PRA Handbook compliance and any Capital Reporting.
They have a range of compliance documentation to address their compliance requirements, written over a number of years.
PRESENT CLIENT SOLUTION
The aim of Miura’s portal is to be able to prove you compliance across all regulations in real-time, from your phone...
This is the view that the team gets from their phones, proving their compliance across all regulations, even CRR.
How we got there was:
1. REGULATORY ASSESSMENT - 1 DAY
Conducted a business assessment session to define the key regs that affect the organisation
KEY CLIENT TAKE-AWAY: Discovered the firm needed to centrally clear it's swaps moving forward
2. ARTICLE-BY-ARTICLE REGULATORY ANALYSIS - 2 DAYS
Completed a full article-by-article regulation run-through across 10 regs including (FCA Handbook, PRA Handbook, MIFID II, AML, CRR, etc....)
KEY CLIENT TAKE-AWAY: this gave compliance a detailed insight into regulatory areas they hadn’t been responsible for including the PRA Handbook & CRR...
This also “was more valuable” than the MIFID remediation project that they had employed.
3. DOCUMENTATION GAP ANALYSIS - 2 DAYS
Completed a documentation gap analysis to ensure the firm had all their compliance documentation in place.
KEY CLIENT TAKE-AWAY: This process highlighted a number of key documentation gaps which were then addressed
4. COMPLIANCE DOCUMENTATION ASSESSMENT - 1 WEEK
Completed a Compliance documentation assessment. On the portal, we have preconfigured checklists across the FCA, PRA Handbooks, MIFID 2 and all regs highlighting what points each document needs to address (eg Outsourcing). Using these lists, we can give clients a details analysis of the quality of their compliance documentation and where they need to improve.
KEY CLIENT TAKE-AWAY: This process highlighted a number of key documents which had been written over the years needed updating, and so specifically for MIFID II.
The portal allows this document development programme to be rolled out to document owners as the portal specifies the key points the document needs to address.
5. ONGOING MONITORING AND REGULATORY UPDATES
As part of the sign-off process, we complete the “first monitoring programme” with the client. We go through 500-odd “one-touch sign-off” compliance control points across 10 regulations, ensuring the client understands the documented risks and the compliance controls for each. We have refined this process to 3 hours. This process then does not have to be repeated for 6-12 months, depending on the client policy.
KEY CLIENT TAKE-AWAY: With such an efficient and comprehensive monitoring programme, firms can package their whole regulatory compliance monitoring into 1-2 days a year, freeing up the rest of the year to focus on more strategic goals
6. LOW LEVEL REGULATORY ANALYSIS - 3 DAYS
One of the other points to mention is that through our huge network of regulatory experts, we have a service which allows clients to get practical answers to regulatory questions backed up by legal interpretations and practical experience from our team.
KEY CLIENT TAKE-AWAY: Our client had an outstanding point concerning shaira loans based on commodity derivatives and whether they should be classed as a commodity derivative under MIFID. Our MIFID specialist Vano, completed a detailed report including detail solutions for 50% of what a law firm would have charged for an ambiguous answer, and the client was extremely satisfied with the analysis.