Strategic study of the regulatory requirements in managing client on-boarding and 3rd party risk of financial belgian institutions

Abstract

The market of Governance, Risk and Compliance (GRC) is growing in high speed. Companies invest more in risk products to keep their business compliant, face to the strict regulations imposed by legislators and financial authorities. The responsibility of financial institutions is to ensure the rule of law at different levels of the company in order to prevent financial crime and problems related to money laundering and terrorism financing.

In 2018, the regulatory environment in the European Union knew a lot of changes through the integration of strict directives related to money laundering and customer protection. Belgium, being at the heart of these changes obliges, through its regulators, compliance officers to follow legislation as soon as possible. These latter make sure that their companies respect law at different levels of their business relationships and follow a culture of integrity, compliance and ethics.

Refinitiv, one of the leading business data providers in the risk market, assists professionals in their legal obligations to help them ensure compliance through risk products and consequently fight for financial crime.

Our project will then highlight the main regulatory changes which can create a commercial opportunity for Refinitiv. Also, due to the growth of the GRC market, it was important to identify the main competitors of the company, so as to position itself. Finally, a qualitative study with compliance officers and regulators was conducted in order to understand the needs and expectations of both our target groups.