The objective was to identify smart and cost effective solutions, based on their core system Avaloq, complementing the advisory tool functionalities, for those requirements not supported by the tool itself, and designing a process framework consistent with the use of two applications synchronised only in batch mode.
Thanks to our knowledge of the Swiss banking regulatory framework, we have been engaged by a Swiss private bank operating with an international clientele to perform a gap analysis between the minimum MiFID2 requirements and the coverage of such requirements through the development of an Advisory tool, supported by new advisory products and services.
The objective was to identify smart and cost effective solutions, based on their core system Avaloq, complementing the advisory tool functionalities, for those requirements not supported by the tool itself, and designing a process framework consistent with the use of two applications synchronised only in batch mode.
We played the role of both senior consultants for the solution design and project managers, in association with a bank resource, defining the project structure, managing the offer process and supporting the implementation.
We have also been asked to be permanent members in the Steering Committees of the two projects, in order to ensure their alignment in the decision-making phases.
Now the bank has a robust framework in place, enabling the bankers to serve clients with dedicated MiFID2 compliance processes, based on their domicile, being also ready for the future FidLeg regulation.
The two main applications do not present overlaps in functionalities, thus minimising the risks of non-compliance because of data mismatches.
The investments needed to complete the requirements coverage have been minimised thanks to the proposals we made to the bank.
A knowledge transfer on the specific area of MIFID II regulation applied to Swiss and European clients has been done, to improve the general awareness of the regulation and the impact on day-to-day business operations.