MYRIAD in Support of Recovery and Resolution

Written by

Simon Shepherd

Published on

Insights

For many years MYRIAD’s functionality has been a key – maybe even a critical – part of Recovery and Resolution Plans (RRPs) at some of the biggest Financial Institutions in the world.

As part of the fallout from the Global Financial Crisis, U.S. Regulators failed the RRPs of all Global Systemically Important Financial Institutions because they dwelt too much on Front Office exposures. Only when the Banks worked in material changes to their Plans that better catered for the Middle Office in particular, as well as the Back Office, did the Regulators permit individual Plans to go forwards.

With the advent of the Single Resolution Board (SRB) in Europe in 2015, many Financial Institutions have been experiencing similar levels of stress around their Resolution planning: it is all facets of a Bank and its plan that will be scrutinised. Pulling together that Resolution Plan is proving to be a significant challenge for many, if not all, Financial Institutions in Europe. We are seeing rising levels of interest in how we can help and in so doing, how we can also underpin much day-to-day activity to mitigate many of the operational and commercial challenges faced by Middle Office teams overseeing Network and Vendor relationships.

Having access to real-time data about Counterparties, Accounts, Risk exposure and associated costs, and how all of the above will be resolved in any workout situation, represents a massive step forwards. This is true of both the formulation of a Resolution Plan as well as the confidence individual Regulators will have that a possible Resolution will be much easier, quicker and safer to achieve.

Come and talk to us at MYRIAD Group Technologies about how we can help all sizes and flavours of Financial Institution in your day-to-day Vendor Management activities, not least due diligence and cost control, as well as how we support your Regulator-driven Resolution Plan.