Data and automation

Information is one of the most important assets in any organisation and, in today’s digitised world, the amount of data organisations have at their fingertips has never been greater. Financial services firms must comply with a multitude of regulations properly for its existence. Data is a significant component for all regulations and integral to risk management.

We help our clients manage their risks and improve performance using a data-driven approach and through automation. 

Current market challenges

Financial crime
Our screening managed services focus on reducing the overall cost of compliance and tailoring results in accordance with organisational risk profile and appetite, whilst focusing on enhancing the user experience of stakeholders. We achieve this using our proprietary cloud-based digital platform with intelligent automation capabilities.

Data Governance (Cloud or On-premise) 
Our data governance and data management services include the following: 

  • Framework development and implementation - Develop and implement data governance frameworks and controls in line with leading practices or to meet to the regulatory needs of your business.  
  • End-to-end assessments - The end-to-end assessments are designed to be a health check for organisations, giving insight into the current state of data governance.  
  • Deep dives - The ‘deep dives’ provide a detailed view of specific areas of data governance in a financial services organisation. The approach is tailored to business requirements and critically assesses key data practices, such as data governance, data quality, data architecture, data quality, and data management. 

Data Governance 
Financial Services regulations such as COREP, Solvency II, and IFRS 17 has stressed the importance of data governance and controls around data management. The FCA and the Bank of England recently published a ‘Dear CEO’ letter on transforming data collection.  

All regulations bring firms’ data operating model, data governance, data quality, data architecture, data quality, and data management approach under increased scrutiny. 

Case study

A leading FTSE-listed organisation outsourced the Screening program (for customers, third parties, and individuals) services to a major service provider. The Screening program used AI-ML-based engines to complete screening activities, manual checking against some corporate record databases, and then manually preparing reports for the business. The service provider had to deal with high volumes on daily basis and their process was not scalable. These resulted in delays in the completion of screening activities and onboarding, affected the quality of screening results, and increased the overall cost of compliance for the business.

Mazars was appointed through a competitive bid and we used our proprietary digital platform with intelligent automation to provide a fully automated end-to-end service. Our managed service reduced turnaround times, passed on savings in excess of £1.5 Million, increased quality of reports, provided insights using analytics, and improved the overall stakeholder experience of the program.     

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