Reducing the Risks and Costs of Regulatory Compliance

Products

Mizen has a set of unique tools to support stakeholders’ efforts in understanding, overseeing, managing or implementing compliance programs by helping assess and enhance compliance processes, thereby reducing risk, costs, effort and time.

Mizen Compliance Management Platform (MCMP)

This platform provides robust and structured tools to centralize, manage and self-assess compliance program related processes, culture and activities. The tools incorporate links to underlying legislative obligations and related regulatory guidance, enabling clients to assess the extent to which their compliance programs address applicable legal requirements and meet regulatory expectations. The regulatory requirements and guidelines are stored on the platform and may be cross-referenced to the underlying assessment questions. By clicking on the relevant links, users can cross-check whether their processes or written procedures incorporate the detail required to satisfy specific requirements or expectations.

MCMP functions as a centralized platform where clients retain supporting documentation related to each process. Clients can also upload evidence where required and demonstrate compliance at any point in time.

The versatile filtering and reporting capabilities within the platform allow for the generation of custom reports to address the needs of various stakeholders, e.g., board of directors, auditors, regulators and/or compliance officers, risk managers etc. Remediation efforts can be tracked and managed from inception to completion with full management visibility and an easy-to-follow, color-coded dashboards. Dashboards and reports can be customized to users’ desired views and exported in PDF or Excel format as required. The platform also supports the generation of executive summaries and recommendations upon request.

Designed by a team of regulatory, compliance and technical experts, the MCMP, is also supported by an experienced team to guide users through the process. The team also ensures that the content and assessment methodology are kept up-to-date to reflect any changes to regulatory obligations or expectations.

Central to Mizen’s strategy is providing sustainability to clients and promoting self-sufficiency. Our goal is to let clients decide the right approach for their needs accordingly, the various tools may be utilized as a one-off exercise or licensed on an on-going basis.

Compliance Process Diagnostic – AML/Sanctions

Our compliance diagnostic for AML/Sanctions consists of an evaluation of the strength of 16 different processes across four domains. Based on applicable legislation, the diagnostic reflects guidance from regulators and authoritative international bodies and incorporates regulatory expectations around best practices. This diagnostic can be tailored to address the specific business profile and regulatory obligations of each institution. Designated personnel, generally compliance officers or staff, complete the questionnaires which take approximately 4 hours to complete.

Compliance Culture Diagnostic

In recent years, regulators have increased and intensified their focus on cultural issues as the cause of most of the significant compliance breaches, both in financial services and other industrial sectors. The Mizen Group believes that a compliance culture is more than “tone-at-the top”, communication and training.

The Mizen Compliance Culture Diagnostic is an outcomes and perception-based tool that measures the extent to which a compliance culture is embedded in the institution. It is derived from judicial imperatives, regulatory expectations and validated behavioral science studies. A 20-minute questionnaire is administered to all employees, designed to ensure that responses are entirely anonymous and independent of each other and tailored to the specific needs of the institution. Demographics can be segmented and evaluated by any desired breakdown, and multiple languages can be accommodated for international deployment.

Compliance Diagnostic – Customer Product Suitability – FINRA

This diagnostic tool supports assessment in connection with the customer protection and suitability requirements for broker-dealers. Structured directly from the FINRA Handbook, it ties the key rules into 44 sections (e.g., customer profile, improper use, identifying conflicts of interest) to ensure that all areas covered under FINRA are identified for evaluation purposes. These are designed to help the institution determine that the right processes are in place and are sufficiently comprehensive, appropriate and robust.

Compliance Diagnostic – Cyber Security – FFIEC

This diagnostic tool supports assessment in the cyber domain in a targeted fashion. Given the high priority by regulators to cyber threats, this tool covers FFIEC regulations, NY DFS 500 and industry practices to assist in determining whether a client’s cyber security program is up-to-date to identify vulnerabilities or gaps and to pinpoint areas for remediation.

Vendor Management

This diagnostic tool supports an assessment of the institution’s vendor management program. In light of increasing regulatory attention to third-party risk management, Mizen developed a framework that covers the critical aspects of a program with questions that respond to FFIEC guidance and advisories.

Smart Data Investigation Platform (SDIP)

The Smart Data Investigative platform provides extensive functionality to perform enhanced forensics to support any investigation. By consolidating all structured and unstructured data to enrich, monitor and visualize connections or anomalies. we turn the masses of Big Data into actionable information.

Leveraging our partnership with Kyckr, the SDIP can connect to more than 185 state and national registries across more than 125 countries and 4,000+ clients globally. The SDIP can be customized for application across a variety of investigative domains, including corporate investigations, bribery and corruption, M&A due diligence and look-backs and compliance remediations. The functionality of the platform allows you to:

• monitor and validate all transactions, layering on proprietary intelligence and visualization tools to infer linkages among people, institutions and places that are at the center of every investigation.
• integrate with additional proprietary data sources, to validate and track relationships with your customers’ customers or counterparties and link by addresses.
• collect metrics to measure and understand risks to your institution.

Designed to be robust, flexible and easy-to-use, the SDIP capitalizes on mature big data techniques and proprietary algorithms to make multi-sourced data usable and intuitive.  To be used either in an independent Financial Intelligence Unit (FIU) or to undertake an internal look-back at selected branches or customer segments, this customizable platform can:

• use OCR and indexing to ingest large volumes of structured and unstructured digital information, including business intelligence from public sources that shows individual and entity, such as UBO, linkages.
• contextualize unstructured date using natural language processing.
• create customized and intuitive data visualization.
• create and manage alerts that indicate changes where attention is required.
• provide full case management and audit trail for every investigation.