Fenergo

Fenergo is the digital enabler of client and regulatory technology for financial services. It provides Client Lifecycle Management (CLM) software solutions for Financial Institutions including; Corporate & Institutional Banking, Commercial & Retail Banking, Asset Management, Private Banking & Wealth Management.

Company Insights

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GDPR in context: 10 data subject rights

30th May 2018

Chapter III of GDPR, Section 1 provides for some of the transparency requirements placed upon data controllers as they communicate with data subjects. It explicitly refers to several Articles 13 – 22 and Article 34. In plain English, that means: The controller has to provide certain information to data subjects depending on whether the...
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GDPR in context: 6 key data protection principles

17th May 2018

GDPR outlines six principles that organizations need to abide by. These principles aren't new - they were already outlined in the 1995 directive, but GDPR has revised them slightly. We delve into each principle below: 1. Lawfulness, fairness and transparency Our last blog, on Legal Bases, falls within this principle. Controllers...
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GDPR: The 6 legal bases for processing

25th April 2018

The first principle of data protection requires that all personal data be processed lawfully, fairly and transparently. A legal (or lawful) basis for processing must be satisfied before an organization can process any personal data. GDPR outlines six scenarios in which data processing is legally permitted. Unless the organization can show that...
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Accelerating compliance digitalization with AI and robotics

18th April 2018

The financial services industry is currently on the brink of a massive technological disruption. Financial institutions are now beginning to actively explore new technologies, such as Artificial Intelligence (AI) and robotic process automation (RPA) to further automate routine AML and KYC processes and thereby improve operational efficiencies and...
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MiFID II vs GDPR: Striking a balance between KYC and data privacy

27th March 2018

Already this year, financial institutions have overcome one major regulatory hurdle in the form of the Markets in Infrastructure Directive (MiFID) II. However, the May 2018 General Data Protection Regulation (GDPR) hurdle is looming ahead, threatening to present banks around the world with conflicting and challenging data collection and protection...
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Cloud Adoption: A quiet revolution in financial services

6th March 2018

The global financial services industry is on the cusp of a massive technological disruption. The emergence of fintech (financial technology) and regtech (regulatory technology) vendors has created a tech race for banks, helping to fast-track the innovation path for many of them. Conversely, it has also highlighted the laggards, weighed down by...
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FinCEN Final Rule: Four data management challenges

20th February 2018

The Final Rule brings with it a raft of regulatory compliance challenges for financial institutions. While its intention is to promote “uniformity and consistency” to “strengthen the system as a whole by further limiting opportunities for inconsistent application of unclear or unexpressed expectations”, the Client Due...
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Navigating data residency and privacy compliance in the cloud

8th February 2018

Security and data security concerns have traditionally dominated the list of reasons for lack of cloud technology adoption by banks. In a survey conducted by Forrester Research a few years ago, it found that the top five reasons why US banks were avoiding cloud technology included: 1) Security (73%) 2) Privacy (63%) 3) Risk (59%) 4)...
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MiFID II readiness: Tackling the Legal Entity Identifier challenge

6th December 2017

Initially scheduled for implementation on January 3rd, 2017, the Markets in Financial Instruments Directive (MiFID) II was pushed back to 2018 based on industry feedback regarding the exceptional technical implementation challenges that it poses for regulators and market participants alike. With the EU commission recently ruling out any further...
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Eight key benefits of cloud technology for Client Lifecycle Management

27th November 2017

Cloud technology has developed and evolved in line with the myths that surround it. Up until 15 months ago, banks were publicly reticent about transferring core banking services to the cloud for a number of regulatory and security concerns, including concerns over the confidentiality of data, lack of control of data, data breaches, as well as...