Investor protection,
keeping the system less vulnerable, auditing accountability,
responsibility and transparency - but how?
The laws and regulations that govern players on the
financial markets are intended to protect the parties involved –
investors, customers, employees, etc. – as well as to enhance the
stability of the whole system – from financial, economic and
social aspects –, especially in times of economic downturn.
To achieve these goals the legislation – the design,
implementation, monitoring and enforcement of applicable laws – at
all levels (global, European Union, Hungarian National Bank,
individual financial institutions) must be in sync and work on
similar principles. The particulars of the implementation at the
level of our clients may differ from bank to bank as long as they
comply with the regulation.
Our consultants have played leading roles in projects initiated by
Hungarian Financial Institutions in order to make sure the
institution is is able to comply with the law - including Basel II, Basel III, MiFiD, EMIR, BCBS
239, GDPR and PSD2.
To ensure that corporate policies correspond to regulations
proper legal competence is required to be dedicated. Whenever a
new or amended regulation or its preview appears, we advise our
clients to start working on its ICT consequences. At the early
stages, before the final version of law gets put in power, we can
begin with looking at possible scenarios and elaborating on
matching feasibility studies.
Advocate Organization Development
has a leading role in supporting Legal Compliance activities and
duties of Financial Institutions. Our professional consultants use
their expertise and experience in different business and
development activities that are related to regulatory compliance:
Cooperate with legal
departments and stakeholders: analyse and work with the legal
department and other stakeholders to help assess the impact of
the particular law.
Provide feasibility
studies: delivering detailed feasibility studies with multiple
scenarios regarding how the organization should treat the
particular law, how to handle the regulatory requirements and
which parts of the IT landscape is affected and how.
IT Consulting services for regulatory
reporting:
We were helping
our partners in different projects, from designing domain data
models to persist the collected data and prepare for reporting,
offering methods, processes and technical assistance to
effectively collect data and enhance data quality and
reliability.
IT Consulting services for Legal
Compliance domain
Our professional consultants use their expertise and
experience in different business and development activities that
are related to:
Providing end-user support
and consulting services for well-known regulatory frameworks:
EMIR, MIFID, HITREG, regulatory reporting, etc.
Providing IT Business
Analysis, Development and Testing services: providing IT
consulting services for implementing the changes or introduce new
systems/software modules in order to comply with the new
regulations.
Latest Legal Compliance
Projects
Featured
Case Study
Loan Repayment Moratorium
projects
The Hungarian National Bank issued the Hungarian financial
institutions to introduce a loan repayment moratorium mechanism
for all debtors (corporate and retail) which allowed the delay of
the instalments. The loan repayment is aimed at helping to
resolve the temporary difficulties of debtors, preventing the
possible build-up of a liquidity crisis. Advocate consultants are
participating in projects at nearly all Hungarian banks, being
responsible for both the project management, business and
technical analysis and Core Banking development tasks.
Featured
Case Study
Compliance with PSD2
From assessing its impact and requirements to delivering
solutions, Advocate consultants are working with several
Financial Institutions assuring the PSD2-compliance.
GDPR project in many Financial
Institution
Participate in assessing the impact of GDPR, provide
consulting services for data lineage and data origination, design
and implement the new internal workflow regarding customer data
availability, usability and visibility.
Featured
Case Study
EMIR OTC Derivatives reporting
obligation
Mandated by ESMA, Advocate consultants were key solution
providers in several Financial Institutions.
New Anti-Money Laundering
prevention laws
Mandated by the Hungarian National Bank, Advocate
consultants are helping Hungarian Banks tackle the challenges
posed.
