PARIS and NEW YORK, – May 15, 2019 – Sinequa, a leader in cognitive search and analytics, and Aurexia, a leader in business consulting for financial services, today announced a partnership to deliver AI-powered technologies that provide financial institutions with maximum protection and control over sensitive customer data, and deliver a smarter, more robust customer experience by delivering contextual insights.
Financial institutions collect massive volumes of data, which can be a double-edged sword. Maintaining significant amounts of customer and portfolio data can provide tremendous opportunities for increased revenue and reduced risks. Yet organizations must comply with stringent regulations such as Dodd Frank (US), MiFID II (EU) and the GDPR (EU). These major regulatory changes heighten the pressure on financial organizations to organize and secure sensitive Non-Public Information (NPI) and Personally Identifiable Information (PII).
“A majority of financial institutions are under-exploiting the volumes of unstructured data, and specifically available data about their clients, that can be helpful for risk & compliance purposes and improved customer service,” said Charles Bain de la Coquerie, partner at Aurexia. “In our view, explicitly mining this content to identify and capture contextual insights using Sinequa’s platform provides tangible business benefits to financial organizations.”
Located in London, Paris, Luxembourg and in Asia, Aurexia operates exclusively in financial services and provides a business consultancy through its dedicated practices: Capital Markets, Transaction Banking, Securities Services, Asset Management, Private Banking, Retail Banking, Finance, Risk and Insurance.
Aurexia’s expertise is also focused on supporting the digital transformation efforts of banks using Sinequa’s AI-powered search & analytics platform to uncover insights to improve client management services, mitigate risks, accelerate compliance with regulatory mandates and more.
“We continue to expand our footprint in the financial services industry, and we are excited to partner with Aurexia, an established leader in the space, to advance that progress,” said Patrick Metaireau, director, Channel Sales EMEA at Sinequa. “Together, we provide customers with powerful intelligence solutions that extract value from financial data and surface actionable information across all business functions, so it can be used to improve things like customer service, risk management, investment banking, regulatory compliance and asset management.”
For more information about how Sinequa helps Financial Services Organizations unlock the potential of their data, please visit: https://go.sinequa.com/whitepaper-finance.html.
About Aurexia
Founded in 2006, AUREXIA is a business management-consulting firm, committed to helping clients within the financial services industry achieve substantial and lasting improvements in their organizations. With consultants based in 5 different countries, Aurexia can bring unparalled value and expertise to clients globally and help them to take on challenges involving the re-structuring of their business model, re-shaping of operations and processes all within an increasingly restrictive regulatory framework. Aurexia’s commitment to research and development is materialized with the Aurexia Institute insights production on all financial services business topics. Aurexia continues to further develop it capabilities in digital transformation by setting up the AUREXIA FINLAB which manages all dimensions of our innovation clients’ needs including working with external innovative providers such as Sinequa.
About Sinequa
Sinequa is an independent software vendor providing an AI-Powered Search & Analytics platform for Global 2000 companies and government agencies that connects people with the information, expertise and insights necessary for organizations to become information-driven. For Sinequa customers, this means actionable information presented in context to surface insights, inform decisions, and elevate productivity. The platform has been forged by experience in projects for large organizations in complex environments with large and diverse sets of data and content. Sinequa’s unified platform is fully integrated and configurable to support current and future needs around becoming information-driven.
Summary RegWatch #23 – France:
…and the latest industry news!
IBOR TRANSITION – A global benchmark transition: the international interbank offering rate markets have been experiencing unprecedented developments during the past two years, and there is yet more to come. As a result of the LIBOR scandal, central banks and benchmark supervisors in the major world currencies began a transition from their overnight benchmarks as early as 2017. The new benchmarks selected should offer more guarantees in terms of robustness, and should be less prone to manipulation by reflecting real transactions.
This transition to new benchmarks has been gradual since 2017, with most O/N rates that already came into effect on the world’s major jurisdictions. The European Union is an exception, as the transition to the new benchmarks is not yet effective. This transition coupled with the entry into force of the BMR is a double challenge for European banks. Indeed, the current benchmarks on O/N and term rates (EONIA and EURIBOR) will no longer comply in their current form to the BMR as of 1 January 2020, thus putting increased pressure on the European players (regulators and banks) regarding the transition scenario at the end of 2019
This pressure is even stronger that the new overnight RFR rate – the ESTER – in compliance with the BMR, will be published by the ECB only from October 2019. Similarly, the reformed term rate (the EURIBOR Hybrid) is still in testing phase and should be compliant with the BMR only mid-2019.
In addition, facing the growing uncertainty regarding the status of the benchmarks adopted on 1 January 2020, several associations (and in particular the ISDA, GFMA, FIA and EMTA) have requested the European regulator a 2- year extension of the transition period for the entry into force of BMR on critical benchmarks. This transition period would be consistent with benchmarks transition in other jurisdictions.
This extension of the transitional period would allow, in the event that some banks are not ready by 1 January 2020, to continue to use EONIA and EURIBOR in their current form and to start a pace transition of their activity towards new benchmarks. These associations also highlight the fact that with the extension of the validity of the current benchmarks, a large number of contracts will expire before the discontinuation of those rates. In addition, this extension will limit the tensions of the interest rate market liquidity at the end of 2019 and will allow more time for banks and regulators to prepare the transition.
AUREXIA is a management consulting firm located in Paris, London, Luxembourg and in Asia. We operate exclusively in the financial services and have a full coverage of the industry through our dedicated practices: Retail Banking, Insurance, Private Banking, Capital Markets, Transaction Banking, Securities Services, Asset Management, Finance, Risk, Compliance.
Significant changes have been introduced to the Market Risk Capital framework in the Fundamental Review of the Trading Book (FRTB). Thus, number of revisions have been made to reduce the conservatism and operational burden of the NMRF framework in final revisions to the Minimum Capital Requirements for Market Risk. For instance, impact assessment of the new amendments to the framework provided in the revised BCBS’s paper is estimated to result in a reduction of 60 % of the amount of NMRF capital requirement. Despite new FRTB revisions, NMRFs remain one of the key burdens for banks as many implementation challenges remain.
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Summary RegWatch #8 – Luxembourg:
…and the latest industry news!
MAS recently published an Enforcement Report, bench indicator of where MAS identify the largest area of risks and where banks should place emphasis on to strengthen controls. Money Laundering, Market Abuse, and Financial Services Misconduct are the three key aspects of target.
You are a bank operating in APAC and either dealing with European clients or using EU benchmarks? You will be impacted by the BMR regulation and you may not know it yet!
As Dec 2021 approaches, banks operating in APAC should actively start devising their benchmark transitioning strategy and assess business and operational impacts. They also should monitor regulatory developments actively. This will help leaping ahead of the competition and avoiding potential bottlenecks when the deadline approaches. Times is running out!
Summary RegWatch #6 – Asia Pacific:
…and the latest industry news!
Summary RegWatch #22 – France:
Summary RegWatch #7 – Luxembourg:
