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    Compliance

    Compliance

    YOUR CHALLENGES

    Compliance departments are extremely busy implementing remediation plans and upgrading their Financial Security schemes. To respond to this, the function must accelerate its transformation and the integration of technology with a dual objective: the first is to reduce growing costs in response to waves of sanctions or threats of sanctions issued by regulators (ACPR, BCE and DoJ for instance) and the second is to significantly improve the management of available data to better understand and anticipate patterns of financial crime. Compliance has become a key function in the financial industry, but one that is costly to manage, often because of tools and processes that are supposed to do the job largely but are not calibrated well enough to really meet business challenges. While remediation plans continue, Compliance departments are beginning to take a step back and question the effectiveness of their business model.

    Aurexia is a partner in this new trajectory:

    1. Optimization of the Compliance operating model with Smart Shoring type initiatives,
    2. Rationalization and optimization of control libraries,
    3. Automation of controls based on Machine Learning, NLP, OCR and Artificial Intelligence technologies.
    4. Benchmarking and implementation of Regtechs-type solutions for fraud risk prevention and financial security (KYC, AML, Sanctions & Embargoes in particular).
    5. Diagnosis and implementation of new regulations and regulatory guidelines DAC6, AMLD5 more specifically
    6. Increase in the skills  of Line of Defense 1 in its management of non-compliance risk

    OUR EXPERTISE

    Our consultants have been working at the heart of these transformations and can help you take on these new challenges. Listed below are some of the many expertise Aurexia consultants have to offer but are not limited to:

    1. Business: Design new Operating Models to lower the cost of Compliance processes, Change Management on Conduct projects with regard to market benchmark standards
    2. Process: Setup Regulatory Watch organization, Provision of Benchmarks for Compliance functions across institutions
    3. Regulatory: Remediation plans, Analyse impacts and manage regulatory programmes (MIFID2, IDD, PRIIPS, DGPR, DSP2, AML, KYC, Tax regs, BMR…)
    4. Digital : Advise and implement Ai powered RegTech solutions to reduce the number of false positive alerts, Negative news screening through Data intelligence tools, RPA for KYC workflow processing, Design and implement a Smart Automation Lab at Compliance group level

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