The Irish Tech News published a chat with Brian Fahey, MCO CEO, featuring the recent RegTech Insight Awards victory, and the challenges of the industry.
RegTech trends and insights to watch
How does MCO solve customers’ problems?
We solve our customers’ problems through a long-term compliance platform. Our three core principles are to provide an integrated platform, future-proof our customers, and provide a centralized data set across these activities to ensure efficiency.
These core principles are at the heart of our long-term technology platform that enables continuous flexibility and innovation around market changes. This competitive advantage makes us stand out from our competitors.
What customers should expect from MCO?
We are a customer focused company; this makes us attractive to new customers and enables us to maintain a customer retention rate of 95%. We are also driven by constant improvement in research and development, allowing us to maintain a pipeline of new products for the current platform. Our mission is providing our customers with affordable, easy-to-use, compliance technology backed by on-going investment in our products and customer support around the world.
Tell us about the RegTech Insight Awards 2020?
The RegTech Insight Awards recognizes providers of leading RegTech solutions. It was very satisfying to be recognised as the best company in the category “Best Vendor Solution for Managing Conduct Risk”.
This award acknowledges our hard work, striving to develop a better solution for the industry. We are very pleased to help our customers with a robust conduct risk solution that enables them to manage compliance better, protect their reputation and continually monitor the various regulatory environments. To be recognized by the industry experts, makes us very proud.
What are the current industry challenges?
Certainly, the biggest challenge for regulated firms is the current alternative working arrangements due to coronavirus. During the outbreak regulators worldwide have been very concerned with the new working environment as many employees have shifted to the home office. As a result, the risks of rules and regulations being ignored were heightened. The suggestion from a regulatory context is that organizations review and boost their systems and processes to protect their integrity.
Now firms have established a certain normality regarding process and working arrangements, however, the reputation risk continues, and regulatory scrutiny will arrive in the coming months. So, firms need to make sure to have the right controls around market abuse, conduct, and conflicts of interest to avoid future issues.
The original interview was published on the Irish Tech News by Simon Cocking on June 15th.
Brian recently gave an interview to the RegTech Insight team, talking about the company history and how the technology has evolved to help its customers globally. Watch the full interview below.