MyComplianceOffice Blog

MCO is one of the leading providers of regulatory and risk technology for financial services. We proudly received the RegTech Insight Award 2020 in the category “Best Vendor Solution for Managing Conduct Risk”. In an interview to the RegTech Insight team, our CEO, Brian Fahey tells the company history, how the solution has evolved and in which ways MCO helps its customers globally. 

The FCA have been highlighting that firms are failing to implement various recommendations in their PAD policies and controls to meet regulatory requirements and avoid market abuse. In order to prevent personal account dealing, firms should ensure preparation for the FCA’s requirements.

You might have asked yourself “what governance expectations do regulators have?”. Well, regulators seek good governance and deem it critical that businesses deliver effective management to support and strengthen compliance. Regulators understand that firms affected by the COVID-19 crisis must adapt and review their actual governance, as necessary. 

PWC predicts that more than 30% of today’s human workforce will be replaced by artificial intelligence (AI) and/or robotics by the year 2030. This kind of development will change the way we work, and we have been aware of this for a period of time now. Jobs requiring social, emotional, and literary abilities are at the lowest risk of displacement. However, jobs that require manual labour or repetitive tasks that can be automated will see a higher impact in the coming years.

On April 7 the SEC published two Risk Alerts providing broker-dealers and investment advisors with information on the expected scope of initial Regulation Best Interest enforcement. The guidance indicated that initial exams will focus on evidence that firms have made “good faith” efforts to comply.