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:
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.
New Anti-Money Laundering prevention laws
Mandated by the Hungarian National Bank, Advocate consultants are helping Hungarian Banks tackle the challenges posed.