Compliance Management Solution for ITC

CHALLENGE

ITC’s legacy compliance management system relied on manual processes, including paper-based record-keeping and manual audits. This involved manually tracking compliance requirements, manually maintaining records, and conducting manual audits to ensure compliance with regulations. The system was prone to errors and inconsistencies and required a significant amount of maintenance and upgrades, leading to higher costs over time. Moreover, their existing system was not able to handle large amounts of data or support a growing number of users, making it difficult to scale compliance management efforts. It did not integrate well with other systems, making it difficult to share data and collaborate with other teams. Another drawback was the lack of automation capabilities, making it difficult to track and manage compliance activities, leading to the risk of errors and missed deadlines and hence additional management overhead to avoid this. It also lacked the ability to generate detailed reports, making it difficult to track compliance progress and identify areas for improvement.

SOLUTION

ITC approached TEKenable with the need for a solution that can help them manage and maintain compliance with various regulations and industry standards. They needed a solution which could ensure data security and privacy, meet audit and reporting requirements, and maintain compliance with laws and regulations such as GDPR. They were facing challenges in managing compliance, such as manual processes, lack of visibility into compliance status, or difficulty in keeping up with changing regulations. They needed a solution which helped them easily track and document compliance efforts and demonstrate compliance to auditors and regulators.

Compliance Management Solution

TEKenable provided ITC with a compliance management tool which plugs into the Dynamics 365 Customer Service baseline solution and serves as a process workflow, documentation and repository for the execution and tracking of compliance management. This tool provides real-time monitoring and reporting capabilities that keep ITC informed of any potential compliance issues. Moreover, it provides automated workflow and documentation management, making it easy to stay on top of compliance tasks and ensure that all necessary documentation is readily available.

KEY FEATURES

  • Automated monitoring and reporting: This solution provided ITC with the ability to automatically monitor compliance with regulatory requirements and generate reports to document compliance status.
  • Risk assessment and management: The solution includes tools for identifying and assessing compliance risks, as well as for managing and mitigating those risks.
  • Policy management: The solution provides a centralized location for storing and managing organizational policies and procedures data related to compliance.
  • Auditing and investigation: The solution has the capability to conduct audits and investigations to identify compliance violations and determine corrective actions.
  • Workflow and collaboration: The solution facilitates collaboration and workflow management among compliance teams and other stakeholders.
  • Data security: The solution includes robust data security features to protect sensitive compliance-related information.
  • Integrations: The solution is able to integrate with other systems and platforms, such as ERP, CRM, and HR systems, to ensure comprehensive compliance management.
  • Scalability: The solution is scalable and is able to accommodate the changing compliance requirements of ITC as it grows.

Moreover, this Compliance Management Solution manages the capture and tracking of:

  • Complaints
  • Potential Conflicts of Interest
  • GDPR Subject Access Requests
  • GDPR Data Breach
  • Errors made while processing financial transactions
  • Legal Proceedings
  • Higher Risk Product Transactions (additional diligence required)
  • Gifts and Hospitality
  • Fitness and Probity

OUTCOME

The new solution helped ITC automate the compliance process, reducing the time and effort required to ensure compliance with various regulations. By automating compliance processes and providing real-time monitoring, this solution helped ITC identify and mitigate risks that could lead to non-compliance. The solution provides a centralized platform for compliance-related communication between different departments, making it easier for employees to stay informed about compliance requirements. Moreover, it provides ITC with detailed reporting on compliance status, allowing ITC to identify areas that need improvement and track progress over time.

Zurich – Blended Funds Trading Platform

Zurich is one Ireland’s leading insurance companies providing a wide range of general insurance and life insurance products and services. The company employs over 1,000 people across its locations in Dublin and Wexford. Zurich in Ireland is part of Zurich Insurance Group, a leading multi-line insurer that serves its customers in global and local markets. With more than 55,000 employees, the Group’s customers include individuals, small businesses, and mid-sized and large companies, including multinational corporations, in more than 170 countries. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872 and has a global network of subsidiaries and offices in North America, Europe, Asia-Pacific, Latin America, and other markets. 

THE CHALLENGE

Zurich Life and Investments provide an end to end solution for fund administration needs for companies who administer collective unitised and blended funds. The core element of Zurich’s service was run primarily on LIfe400 (on AS400), spreadsheets, and dispersed databases. This was not scalable and carried undue risk and required excessive manual administration and oversight as a result. Zurich had a business opportunity to trade funds on a wholesale scale much larger than their existing processing activities but could not seize the opportunity without a major revamp of their supporting IT systems. Furthermore, the Life400 did not have the necessary capabilities to trade the blended funds, and it would be very difficult and expensive to add that capability.

THE SOLUTION

TEKenable engaged in a detailed analysis of the existing and proposed process, devised an approach to allow the inclusion of the older technologies in Zurich without requiring them to be modified and completed a detailed functional specification with the Zurich business team which would form the basis of the new system. 

On completion of the analysis, TEKenable delivered a bespoke solution in .NET – designed, built and optimized for Trading and Pricing needs of Zurich users. The system entailed – 

  • Process flow for the management of the daily trading notifications and instructions and straight to market trades
  • Ability to load trade notifications from Back end systems e.g. Life 400 on a daily basis 
  • Settlement processing
  • Contract note receipt
  • Fund charges and pricing
  • Update of the HiPortfolio Asset management system with unit creations and liquidations
  • Manage the “de-blending” and aggregation of these notifications down to the Base Fund trade instruction level 
  • Issues Trade instructions 
  • Glide path based rebalancing of funds
  • Anti-dilution levy handling
  • Blend of Blend processing and other fund types

THE OUTCOME

The new platform known, as TPT, is now an important element of Zurich’s business and IT infrastructure, allowing the company trade wholesale volumes of Blended Fund investments reliably without increased headcount. Long-term support for TPT is provided under contract between Zurich and TEKenable. The implementation of this new platform reduced IT costs, increased visibility and improved quality of service for the Zurich’s end customers and most importantly, allowed Zurich to launch a new business service, not just despite the impediment of legacy systems, but actually incorporating them into the process.

The project was so successful that Zurich Isle of Man engaged TEKenable to implement a trading platform for them supporting box position trading, multi-currency hedging and integrations with SAP. Millions of euro are being traded on a daily and weekly basis through these applications. 

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