Reimagining Financial Regulatory Compliance

NextAngles is a new venture within Mphasis that is reimagining financial regulatory compliance and redefining the paradigm for business success jointly with leading financial services institutions.

With the increasing complexity of the regulatory landscape, operational and cost pressures bear down on compliance management. Hiring more experts does not translate into a sustainable solution. A strategy to bolt additional controls onto existing systems is not prudent either.

Mphasis is developing Smart Compliance capabilities that will address the most demanding financial regulatory needs. This approach will reduce compliance burden by 30-70%, substantially mitigate risk, empower all individuals involved, and transform the experience of compliance.

To unleash the next wave of regulatory risk management, we are seeking financial institution partners with vision to join with us in proof-of-concept tests and beta programs to demonstrate the value of Smart Compliance.

The NextAngle - Smart Compliance!

  • A System that Knows

    A capability that solves specific requirements for line of business products by putting expertise about regulations, policies, and processes into a system, not just in documents and people. Ensures compliance for a specific regulation and specific line of business product in a way that extends easily to support requirements for multiple jurisdictions, regulations, and lines of business. Embedded knowledge reinforces best practices across the organization. It improves the consistency, timeliness, and completeness of compliance results.

  • A System that Learns

    It’s easy for your compliance team to teach a Smart Compliance system new rules, controls, and ways you work. Also, it’s easy to share and extend this knowledge and interpret the rules to apply where other products face similar requirements, or when business products evolve and regulations change.

  • A System that Automates

    Smart Compliance automates workflow, rules, data, and reporting that were previously manual. For each regulation, the system knows who plays what role, what data are required, where that data is, how to obtain it, what rules to apply, and what alerts to issue if there is an exception. Automation improves productivity and can reduce the burden and cost of compliance by 30-70%.

  • A System that Communicates

    The system creates a perfect audit trail. It knows what reports to prepare, who needs to see them, and when. It can document itself, can explain its decisions and actions, and can prove the compliance (or non-compliance) of business behaviors from the addition of a rule through the corrective actions that follow whenever a rule or policy is breached.

Smart Data adds Value

Smart data is information that understands its context and its use. While each regulation requires specific data, different regulations may be driven by the same data. For example, position data are used in determining compliance with different regulations from the Federal Reserve, SEC, FINRA, CFTC, and US Treasury.

Different lines of business may be subject to similar regulatory requirements. Smart Compliance makes it easy to share relevant rules and data for compliance processing across different regulations, business lines and products. Assured data fidelity reduces compliance risk and delivers significant savings for the enterprise.