Services
Financial Regulatory compliance
Beyond compliance
The regulatory compliance pressure is increasing year by year on the financial sector. From EU wide regulations (e.g. DORA, PSD2) through local legislations (MNB recommendations and regulations) to industry requirements (e.g. SWIFT) there are multiple areas and processes where compliance needs to be proven.
We help our clients not only with an effective compliance program but with practical recommendations and realistic action plans as well. We have worked together with almost every major player in the hungarian market hence we have wide range of experinace in (IT) compliance projects.
Managing the compliance risk is critical for every financial sector organiziation to avoid reputational and financial loss. Being compliant with these legislations and requirements also decreases cyber risk and helps companies to effectively protect their informations and assetts.
Our services covers the below specific areas:
A cloud transformation has not only an IT and technology risk but compliance risk as well. For financial institutions it is required to be fully compliant with the 4/2019 MNB recommendation (“cloud recommendation”). We provide gap assessment and cloud risk analysis to our clients, including the necessary exit plan.
Based on 42/2015. government decree financial institutions must perform information security risk assessment at least every other year. We help our clients with our proprietary IT risk assessment tool in order to provide practical recommendations and decrease information security risk.
The MNB requires the financial institutions to have regular physical and human security risk assessment and have the adequate risk-based countermeasures. We can provide our clients an independent risk assessment based on our tested workprogram.
According to 26/2020 MNB regulation the remote client identification process and systems needs be to validated by independent party at least every other year. We have experience with the most common solutions used in the Hungarian market hence we can perform the review effectively.
We perform system integrity review based on 42/2015. government decree. In line with Bszt. (2007. CXXXVIII.) legislation the system integrity review must be performed by independent party.