Tag: central banks
eProseed will participate as a Supporting Partner in the 11th MENA Regulatory Summit on February 5th & 6th in Dubai, United Arab Emirates.
The summit will cover the main topical challenges faced by the regulatory authorities and the GRC community, a debate in which eProseed has a pivotal role to play as the publisher of FSIP, a comprehensive financial supervision solution dedicated to Central Banks, Financial Regulators and Supervisory Authorities.
The 11th MENA Regulatory Summit will take place in Dubai, UAE, in association with the Dubai Financial Services Authority (DFSA) and under the patronage of H.E.
Sultan bin Saeed Al Mansouri, the UAE Minister of Economy.
Formerly known as the GCC Regulators' Summit, the event has been renamed in an effort to ensure the utmost involvement of the governance, risk and compliance (GRC) community across the MENA (Middle East and North Africa) region, and to expand the dialogue to neighboring countries that share the same topical risk challenges and regulatory outlook.
"With increasing demands from many international regulatory bodies, financial supervisory authorities are required to monitor the compliance of their financial institutions against numerous new national and international requirements.
In the MENA region, the recent macroeconomic developments have also triggered an unprecedented demand for collection of high precision data at high frequency from all financial institutions to support a better risk based supervision", comments Geoffroy de Lamalle, Chief Executive Officer of eProseed.
MENA: an increasing role in global compliance and combating financial crime
The 11th MENA Regulatory Summit will be attended and supported by regional and international regulators, financial services professionals, law practitioners, advisors and market players.
The participants will highlight the recent macroeconomic developments in the MENA region including the US election, Brexit aftermath, regional regulatory responses to the financial crisis, the digital revolution in financial services, block chain technology, and crowd funding.
The speakers will set the landscape for international anti-financial crime trends, FATF perspective on terrorist financing and emergent types of financial crimes, and the dangers of withdrawal of correspondent banking relationships. Panelists will also discuss trade-based money laundering and trade finance activities, compliance culture, business conduct, business ethics, and compliance conflicts.
eProseed, the Solution Provider for Financial Supervision
Leveraging the proven expertise in developing and implementing end-to-end business solutions based on Oracle's world-class software technology stack and a close collaboration with major Financial Institutions and Regulators, eProseed has developed eProseed Financial Supervision Insight Platform (FSIP), an end-to-end financial supervision solution dedicated to Central Banks, Financial Regulators and Supervisory Authorities.
"In essence, eProseed FSIP is a comprehensive, highly agile, and plug-and-play financial supervision solution, enabling efficient and pro-active collection of high precision data at high frequency from all financial institutions, as well as automating and integrating all regulatory and supervisory functions in one single software solution", says Geoffroy de Lamalle.
eProseed is an ICT services provider and a software publisher. Honored with 8 Oracle ACE Directors and 14 Oracle Excellence Awards in the last 7 years, eProseed is an Oracle Platinum Partner with in-depth expertise in Oracle Database, Oracle Fusion Middleware and Oracle Engineered Systems.
eProseed’s portfolio of business applications and business accelerators is built on state-of-the-art, reliable technologies and sound knowledge of today’s challenges, developed and maintained with the highest standards in mind.
Comprehensive training and support are provided by eProseed’s experts for both applications and underlying technologies.
Headquartered in Luxembourg, in the heart of Europe, eProseed has offices in Beirut (LB), Brussels (BE), Dubai (AE), London (UK), New York (USA), Porto (PT), Riyadh (SAU), Sydney (AU), and Utrecht (NL).
There is a lack of "mandated standards", he said, and that these should be put in place. "At the moment there is a tendency to leave banks to manage their own security," Benham said. The Tesco Bank incident, and the attacks carried out via the SWIFT banking system, such as those that affected Bangladesh’s central bank and Ecuadorian bank Banco del Austro, should "serve as a wake up call" to industry over cybersecurity vulnerabilities, he said. However, he said he believes some banks appear too willing to sacrifice an element of security when working on initiatives aimed at enhancing the customer experience, in response to consumers' demand for faster means of transferring money. Citing the greater regulation banks have faced since the "credit crunch" as an example, Benham predicted, though, that "it might take a major failure" of a bank, stemming from a successful cyber attack and subsequent run on the bank as customers seek to withdraw funds, to prompt tighter regulation of cybersecurity of banks by central banks, governments and regulators. Benham said that the Tesco Bank case showed that banks can fall victim to hackers and that leading industry figures admit that, should attacks be successful, it is inevitable customer funds will be stolen. Online-only banks are perhaps more vulnerable to reputational damage, loss of customer confidence and a subsequent run on funds, should a cyber attack knock-out their systems, Benham said. High street banks, able to deal with issues in-branch, might be able to better respond to customer concerns and issue refunds quicker in the event they are hit by such an attack, he said. The ability to reassure customers about the security of their funds, and issue refunds speedily, will be vital to a bank should they fall victim to a cyber attack, he said.
Bank customers are likely to show "a degree of apathy" towards a bank's cybersecurity failings if they are promptly refunded for any losses they have sustained, he said. At the moment, the true scale of losses banks suffer from cyber attacks is unknown, Benham said.
This is because banks are able to disguise figures under the generic 'fraud' label, he said. However, he said the forthcoming General Data Protection Regulation (GDPR), with its new data breach notification obligations, is likely to bring a greater number of such attacks to light, as well as more details about their impact. He said it is hard to predict what impact that might have on customer confidence and their eagerness to move money out of accounts. Last month, Andrew Tyrie, chair of the UK parliament's Treasury Select Committee, said the current "lines of responsibility and accountability for reducing cyber threats" in banking "appear to be somewhat opaque".
Tyrie said the UK should consider reorganising its governance of cyber risk in financial services so that there is "a single point of responsibility". Copyright © 2016, Out-Law.com Out-Law.com is part of international law firm Pinsent Masons. Sponsored: Want to know more about Privileged Access Management? Visit The Register's hub
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The existing London Stock Exchange and Boat MiFID I trade reporting services will be combined at the end of 2016 with our MiFID II Smart Report Router also available at year end – with other services following shortly behind - and Colt PrizmNet will offer a quick and easy way to connect to it”, said Daniel Shepherd, Head of Sales, TRADEcho. With its deterministic low latency, Colt PrizmNet is a dedicated private network that links the global capital market ecosystem.
The extranet provides a scalable, secure, and reliable platform to rapidly connect and support market participants in areas such as trade reporting, algorithm testing and best execution, helping firms comply with the requirements of the upcoming MiFID II directive. “MiFID II is a complex set of regulations and, understandably, institutions cannot yet quantify exactly how they will need to change their systems to ensure compliance or the investment required to do so.
Colt believes a partnership approach is the best way to reduce this complexity, bringing together the expertise of specialised providers.
Colt PrizmNet, our financial extranet, is an enabler for this, as it allows firms to easily tap into a range of financial and regulatory services,” commented John Loveland, VP of Capital Markets at Colt. For more information, please visit http://www.colt.net/capitalmarkets or contact firstname.lastname@example.org. About ColtColt provides on-demand network and communications services to information–intensive businesses across Europe, Asia and North America.
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