The CEO of Peach, a compliance, risk and change management company in the UK, has revealed a unique Balance Sheet Process-Workflow (BSPW) framework for MiFID account certification requirements.
The application operates in conjunction with a certification scheme for software application vendors, service providers, banks and financial institutions. The framework will considerably help these entities with their MiFID compliance, governance and risk management challenges and avoid costly penalties.
Peach links its unique compliance maps and audit checklist templates with the above process framework in order to integrate specific workflows into any MiFID rulebook and compliance systems regardless of type and vendor.
MiFID process workflows are affected by and affect Sarbanes-Oxley, Basel II, Solvency II Accord, Asset & Liability Management (ALM), Anti-Money Laundering (AML), and other related frameworks.
Instead of working in a silo, Peach applications help auditors, compliance officers, banks, financial institutions and solution providers to cross reference MiFID to the other relevant frameworks for overlaps.
Peach enables such corporate entities integration of MiFID with other self-attestation audit questionnaire checklists and processes, and avoiding duplication or triplication of information and implementation costs.