Pluridio Compliance Systems MiFID II

A cross-organization back-end regulatory solution for managing bank client classification, records keeping, and avoidance of conflict of interest under MiFID II, tailored to the bank’s specifications to fully comply with internal procedures and workflows.

Compliance is critical.

Client classification and document management, records keeping, and avoidance of conflict of interest.

Regulations are as intricate as ever, shaping the banking industry and enforcing business models. Banks have built complex compliance processes as regulations changed. This creates excessive costs, poor client experience, and reconciliation risks when data is manually handled between banks’ IT systems.

Compliance failures lead to fines and loss of trust from the clients and regulators. Modernizing the risk function facilitates the prevention of compliance events, automation of manual processes, assistance in identifying potential issues, and providing insights into risks and their causal factors, all while not worrying about missing any of them.

Client Classification & Documents Management

All client classification and related documentation managed in the same place.

Pluridio offers management of client classification processes and related documentation under the scope of MiFID II, tailored to the bank’s specifications for full compliance with internal procedures and workflows.

The client classification engine mitigates the risk of missing compliance details, leads to better client service, enables more and diversified transactions, lowers costs, and reduces operational risks.

Key benefits for your business

Manage and control MiFID II regulatory compliance through automation of client classification workflows.

Improve client experience with faster classification onboarding and trade execution processes.

Improve situational awareness across portfolios with calls to action per upcoming compliance events.

Consolidate and access correct, complete, and up-to-date mandatory documentation into a single collaborative system.

Pluridio MiFID II responds to banks' Treasury compliance needs

Client classification engine with automatic generation of contractual documentation, sourced drafts and signed documents management.

Target market determination questionnaire, including negative target market warning, client suitability, and appropriateness questionnaires workflows tailored to bank procedures.

MiFID II clients’ classifications management and signed documentation repository.

4-eyes checkpoints – centralized approval of each classification process, segregated user roles, Active Directory integration, and complete audit trail of user interventions.

Records Keeping

Manage regulatory risks by indefinite durable storage of communications related to transactions and orders of transactions under the scope of MiFID II.

Pluridio offers management and a durable dedicated repository of written, in-person, and phone communications related to transactions under the scope of MiFID II.

MiFID II posits the storage on a durable medium for 5 to 7 years of the communication recordings on all channels between the bank staff and the clients that lead to or are intended to lead to transactions and transaction confirmations. Such communications are usually spread across different systems of the bank’s IT infrastructure, increasing the risk of data loss and delays in trade reconstruction and demonstration of compliance.

Demonstrate compliance at all times, complete and in real-time

Improve efficiency and ability of the Treasury Back-Office team to interpret data and handle more transactions under the scope of MiFID II with the same resources.

Reduce workload and save the time of bank staff by automating low-skill and time-taxing manual tasks of aggregating communications from multiple IT systems.

Store all data in a single collaborative system.

How does the solution work

Automatic assembly of proposed communications package at client level and allocation at transaction level.

Manage transaction-level communications package held in the repository.

4-eyes checkpoints by segregated user roles, Active Directory integration, and complete audit trail of user interventions.

On-demand instant audit and export of particular transaction communications package.

Seamless integration with the other Pluridio systems for an instant overview of client insights during the process of preparing the communications package.

Avoidance of Conflict of Interest

Mitigate and keep a record of potential business conflicts.

Pluridio offers a compliance and surveillance solution that captures electronic and voice communications, identifies sensitive keywords that may be perceived as a conflict of interest, and notifies the Compliance department. Our solution ensures compliance with the European standards concerning conflicts of interest.

The regulator posits that, for the efficient functioning of the financial markets and for maintaining its integrity, the bank must, among other requirements, identify where conflicts may arise during daily business and keep a record of actual or potential conflicts.

One solution, multiple benefits

Precise and swift detection at scale of communication events and Compliance staff review of nuanced cases.

Mitigate the risk of missing critical compliance events of clients’ journeys with the bank.

Improve the ability of the Compliance team to interpret events as they happen across all the relevant official communication channels of the Treasury department.

Improve efficiency and save time for the Compliance team by automating manual tasks.

Consolidate, access, and analyze up-to-date critical and complete information into a single system.

Improve situational awareness of the Compliance team to facilitate informed decision-making.

Full analysis of sensitive keywords

Management and control by the Compliance team of communications flagged for additional analysis by the system.

Converts voice communication to text and analyzes it for sensitive keywords.

Archives communications that are labeled for retention and retrieves them on demand.

Provides on-demand reports for specific keywords used during a certain period.