One month on from the implementation of MiFID II, the largest realignment of regulatory legislation in the European financial sector for over a decade, the changes needed in most companies to meet the minimum level to be compliant are still being underestimated, meaning the role of compliance has become more significant than ever before.
Managing MiFID II, GDPR and PCI DSS
There are now several overlapping regulations which put more focus on ensuring that the process and procedures are in place to manage the requirements of not just MiFID II, but also GDPR and PCI DSS. There are also new directives from the FCA forcing banking to provide API’s allowing the exchange of data.
The requirement to capture details and content of all transactions – including calls – pushes the technology to include different mediums, such as fixed and mobile devices, meaning the demands placed on networks and storage are unprecedented. Video Conferencing also needs to be considered, and recordings made of all the audio and content shared, together with a roster of attendees.
Add security and reporting as an overlay on everything, and we are facing complexity like never seen before
Companies needs to ensure that compliance measures are in place and that they have a set of artefacts and documents detailing where and how the company meets the directives. As well as carrying out compliance assessments and actions, continuous reviews must be planned for and carried out, together, with the production of a comprehensive set of reports.
Cisilion can help to provide the networks, applications, storage and reporting that business needs to meet MiFID II requirements and avoid the severe penalties for breaches and failures. We are running a number of MiFIDII Innovation Centre experiences in partnership with TeleWare, the leader in managing governance.
During this two-hour Innovation Experience workshop, we cover:
- What you need to do now the legislation is active
- Recording all your relevant communications
- Prioritising security
- Why you should consider retrieval, as well as storage
If you’d like to find out more about how Cisilion can help you comply with MiFID II regulations, you can book our MiFID II Experience in our Innovation Centre.
Written by Cisilion’s Ian Andrews, Microsoft Solution Architect