We partner with our clients on the full life cycle of regulatory change – from interpretation and gap analysis through to execution and delivery.
Citihub Consulting has worked extensively with leading financial institutions to scope and implement regulatory change – both business side regulatory change programmes and infrastructure regulatory compliance programmes. We have developed a consistent approach to the translation of regulatory requirements and the scoping/implementation of large change programmes. A key area of focus for us is the alignment of requirements from multiple regulators and the simplification of technology and business process and controls.
Citihub Consulting’s regulatory framework and IP is geared directly towards accelerating delivery of compliance solutions for IT systems with statutory obligations. The value of the framework is realised when combined with our domain expertise to interpret regulations with a specific market or business context, and technical knowledge to assist firms to rapidly model and design solutions. We are experts across applications and infrastructure and our engagements typically span business and technology stakeholders.
Regulatory change is a business transformation driver in the post-financial crisis era. Understanding the requirements and adapting to our client’s needs is at the core of what drives our offering. We understand your business, its structure and products and know how to create implementation plans that address your organisation’s needs as well as the regulatory bodies’ reporting requirements. A sample of some of the rules we’ve advised clients on is listed below.
Consolidated Audit Trail
Following the Flash Crash of May 2010, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading (CFTC) conducted several investigations into the cause of the crash. A single cause couldn’t be identified. To prevent a similar event, the SEC has instituted Rule 613 also known as the Consolidated Audit Trail (CAT). The aim is to understand the full trade lifecycle from order inception to settlement and for the SEC, through its partnership with Thesys and other organisations, to fully interrogate the trade data to prevent another seismic market event. Our team is well positioned to assist in creating a program, IT architecture, requirements assessment and vendor partnership to successfully implement this rule.
The 2008 Financial Crisis led to the Great American Bailout of many financial institutions and as such the U.S. federal government created the Dodd-Frank Act to ensure that tax payers would not provide the financial support of a company if they become insolvent. The Act provides for higher capital reserve requirements on financial institution and limits their ability to invest in risky assets. In the event a bank goes into a resolution, they are to self-manage their way through bankruptcy using a Resolution and Recovery Plan (RRP) or Living Will that they created to provide for an orderly shutdown of the business. We have worked with firms to develop IT strategies that would ensure critical systems are maintained during an event.
Citihub Consulting have established itself as a premier MiFID II consultancy and have been working on MiFID II engagements since early 2015. Initially, these were a series of assessment and interpretive projects. Now, we are engaged at multiple top-tier clients in long-term and high-profile work streams. These include investor protection, client reporting, order record keeping, clock synchronisation and algorithmic trading across both fixed income and equity trading areas. We have become the respected partner of choice due to our in-depth subject matter expertise across regulation, business, operations and technology. Our clients trust us to enable them to complete the journey through execution and delivery ready for MiFID II go-live and beyond into remediation projects and prepare for Brexit.
GDPR is an enterprise-wide challenge. Our broad skills and experience can help in readiness assessments, end-to-end remediation leadership (business requirements documentation through functional specification, delivery and testing), adequacy assessments for technical protections (Infosec, privacy solutions, privileged access management), and rapid product selection for critical applications and compliance tools.
With a full understanding of the MAS TRM requirements, Citihub Consulting has helped a number of clients reach and maintain compliance by performing security; governance and risk reviews of the architecture; integration standards and vendor management of the various technology stacks; and identifying any deficiencies against industry best practices and MAS regulations. We have also assisted in the preparation of the submission to MAS of the TRM questionnaire, Technology Outsourcing Questionnaire and any other documents requested by MAS.