â¢ Microsoft backed
â¢ Visual software will save weeks of effort
Fintecs, the leading financial IT consultancy, has launched MiFIDMap Workbench, the first visual MiFID software tool developed specifically to show compliance officers at a glance the MiFID regulations, how they relate to their own trading processes and - crucially - how far their business processes are compliant. The new software tool has the backing of Microsoft and will save weeks of effort for major financial institutions faced with the headache of becoming MiFID compliant before November.
Says Fintecs managing director Tony Gratton, âBy 1 November 2007, all organisations that trade in, or advise on financial instruments will have to make sure that their trading practices comply with the new MiFID regulations - or face legal penalties. Organisations have only months to put in place changes to their trading processes â a very demanding task for compliance officers. We have developed MiFIDMap Workbench specifically to save them weeks of time and effort in making sure their organisation is compliant.â
MiFIDMap Workbench is a fully interactive visual tool that visually guides compliance officers through the regulations, and shows how MiFID relates to their own trading processes and how far their business processes are compliant. Managers can interact with the Map, customising it with their own organisationâs data to reflect changes in their processes in a see-at-a-glance âheat mapâ format.
Fintecs MiFIDMap Workbench has the backing of Microsoft. Says Ian Warford, Industry Director for Securities and Capital Markets EMEA at Microsoft Financial Services, âTogether with our leading financial services partners, we are now offering a solution suite that helps financial institutions comply with MiFID main challenge areas, including Planning and Testing, of which Fintecs MiFIDMap WorkBench is a key component. With the MiFID deadline only 10 months away, and with many financial institutions still working on making their systems compliant with the EU directive, Fintecs MiFIDMAP Workbench is an important tool that can enable them to visualise their compliance needs and map the progress of the organisations compliance process.â
According to Stephen Mitchell, Head of Compliance with Investment Manager Selection Ltd., âMiFID is no doubt driving the most significant change in UK regulations since the creation of the FSA and all firms will need to be fully prepared
for its implementation in November 2007. MiFIDmap has the potential to assist in both the analysis and project implementation of the MiFID changes and should save significant time and effort.â
As well as the fully interactive MiFIDMap Workbench, Fintecs has also announced the availability of a âliteâ version, MiFIDMap Reader, a visual guide and presentation tool. MiFIDMap Reader enables key staff to view the organisationâs progress towards full compliance, as each updated version of the organisationâs Map is distributed electronically by the companyâs compliance officer. MiFIDMap Reader is also an ideal stand-alone entry reference tool for the smaller organisation.
The combination of a fully interactive tool with a simpler low-cost read-only tool means that an organisation can buy a single licence for MiFIDMap Workbench for use by its compliance officer plus an appropriate number of Reader licences for other management staff.
As well as being an Independent Software Vendor, Fintecs is also an experienced IT consultancy to the Financial Services industry. Fintecs can provide consultancy support to organisations in the implementation of MiFIDMap.
Fintecs also provides a low volume specialist service printing large-scale full colour compliance Maps and other Business Process Maps.