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Risk and Compliance

 

Searching for efficient ways for your financial institution to navigate the complex regulatory landscape in order to remain focused on serving customers, creating innovative products and improving profitability?


The Risk and Compliance product family offers software and services for:

With our solutions, organizations are able to reduce exposure to risk and minimize losses, while complying fully with regulatory mandates.

In this challenging environment, there is tremendous pressure to maintain and grow profit margins, despite challenges associated with new consumer demands, non-traditional competitors and heavy regulatory burdens. Proper compliance practices, supplemented by products and services from Temenos, can help financial institutions avoid penalties, fines and unnecessary embarrassment, ultimately ensuring profitability and success.

Risk and Compliance Issues 

  • Understanding and implementing new regulations
  • Keeping up with regulatory reporting requirements
  • Adapting to the digital disruption of the financial services industry
  • Avoiding dramatically increasing regulatory fines
  • Achieving enterprise compliance risk management through data and analytics

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How our solution helps

With the wave of new regulations and reporting requirements, achieving compliance and exceptional risk management is now more difficult than ever. Investing more heavily in compliance and risk management as a cost of doing business is becoming the norm.

The Temenos Risk and Compliance solutions offer affordable ways to enhance your financial institution's compliance department and automate risk management analytics.

Temenos makes compliance the priority through our Risk and Compliance product family by:

  • Offering front-to-back compliance and risk management solutions, that can assist with the comprehension and implementation of new regulations
  • Increasing efficiency by making it easy to meet reporting requirements set forth by regulatory and governing bodies
  • Ensuring financial institutions are prepared for the rise of digital technology from a compliance perspective, in order to avoid potentially harmful financial and cyber-crime situations
  • Helping to avoid costly penalties and fines due to ineffective risk and compliance policies and procedures
  • Offering the analytical tools needed to achieve and maintain enterprise risk management

What's included

The Risk and Compliance product family gives financial institutions a comprehensive set of tools to face their challenges. The main components of the Risk and Compliance product family are the following:

  • CRS is a module integrated into the Temenos Core Banking platform focused on the Client Identification, Due Dilligence and Reporting (AEoI) requirements according the the regulation and its timelines. 
  • Compliance Advisory Services for the US market includes:
      • Admission to our KnowledgeBase of over 100,000 compliance questions and reference materials
      • The option to ask private questions and submit your advertisements and disclosures for individual review by our leading compliance experts
      • The comprehensive regulatory Compliance Manual and Policy Template Library
      • Online webinars
      • Our comprehensive KnowledgeShare seminars and workshops for continued education credits
      • Temenos Talks weekly compliance newsletter and financial compliance journal covering the latest compliance topics
  • Customer Data Protection (GDPR) is a system that will assist financial institutions in complying with the General Data Protection Regulation (GDPR) by providing more functionality and control over personal data and the processing of it through their systems.
  • Enterprise Risk Management utilizes our business intelligence platform designed specifically for the financial services sector and the specific business diciplines. It leverages Temenos' business-oreiented data model and analytical capabilities in modules for:
    • Regulatory Capital
    • Market Analytics
    • Asset & Liability Management
    • Regulatory Reporting
  • Foreign Account Tax Compliance Act (FATCA) Compliance is a module fully integrated into our Core Banking platform, that helps Foreign Financial Institutions (FFIs) comply with FATCA legislation out of the box, supporting all three phases of the requirements including client classification, witholding and reporting.
  • IFRS 9 is a module integrated with our Core Banking platform, replacing support for the IAS39 regulation, which mandates a new method for applying risk metrics to accounting related to financial instruments moving from an incurred loss model to an expected loss model.
  • Social Media Compliance was built for financial institutions by compliance experts to push social media content to various sites, moderate social media output, create reports delivered automatically, and most importantly, archive social media posts to meet regulatory requirements.
  • TAXGST (GCC VAT) was designed based on over 20 years of experience supporting VAT schemes in Europe, Africa and Asia Pacific. This module integrates into most any Temenos Core Banking release enabling full compliance for GCC VAT from day 1 to automate VAT collection, provide full visibility of all VAT paid and received, manage tax refunds and more with implementation available through our wide range of partners.
  • Vendor Management for the Americas makes managing a third party easy, allowing financial institutions to:
    • Track and set alerts for expiring vendor contracts
    • Manage all documents associated with vendors
    • Complete risk assessments for each vendor according to regulatory requirements
    • Create reports
    • Allow vendors restricted access to complete due diligence

How it's delivered

Temenos' objective is to ensure all of our customers receive the highest level of value from the Risk and Compliance product family. Products from the Temenos Risk and Compliance family can be implemented for even the largest financial institution in a matter of days. Compliance Services, Social Media Compliance, Vendor Management and Stress Testing SaaS solutions can all be implemented with a simple set up form and a training session.

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