In order to ensure that they can monitor all these activities, MCO advices its clients to share information pertaining to their enterprise, employees, and business transactions. This is important, for if the data is well structured, then monitoring and checking the workflow is made simpler. But aggregating the data into a single structure is one of the challenges that exist across various market verticals. In the instance of the Fortune 500 financial firm, MCO leveraged the data to help the company gain insights into all their business dealings and gave them the tools to better manage and track potential conflicts across all their divisions. Taking it a step further, the data also helped the company identify steps to mitigate a conflicting scenario or an escalation.
MyComplianceOffice identifies compliance risk from three areas of activities are termed as Know Your Employees (KYE), Know your Transactions Know Your Transactions & Know Your Third Party - the name Know Your Transaction and Know Your Third Party should have initials with upper case. (KYT) and Know your Third Party (KYTP). The KYE suite enables companies to address various areas of employee compliance such as personal trade, gifts, entertainment and hospitality, external business activities, political contributions and donations, authorizations, registrations and licensing.
Powerful tools offered through the KYT suite addresses deal review management, Market Abuse Regulation (MAR), and trade compliance. Furthermore, the KYTP suite helps manage potential issues proactively with an affordable, SaaS-based integrated approach to third party risk management. Combining these three different monitoring areas has helped MCO carve a niche in the market.
The objective is an outstanding implementation experience that meets the client’s requirements in a timely and cost-effective manner
Another differentiator Fahey emphasizes is MCO’s engagement methodology. When a client approaches the company with a problem, the first step is understanding the specific needs of the clients, the policies and procedures they currently have in place to conduct risk and the business activities they want monitored using the MyComplianceOffice platform. To understand these specific needs, MCO brings specific templates and questionnaires for clients to fill out so that they can present the information quickly and keep the cost of overall implementation to a minimum. “The objective is an outstanding implementation experience that meets the client’s requirements in a timely and cost-effective manner,” adds Fahey.
With clients in over 80 countries and employees around the world, MCO is committed to delivering affordable, easy-to-use, compliance technology. MCO’s insider information management solutions help to manage material non-public information (MNPI) while their Authorization, Registrations and Licensing (ARL) solutions carry out the licensing and registration of employees globally. While the aforementioned solutions set the bedrock for the company’s standing today, in the future, MCO looks to build atop that longstanding experience and add to their solution stack, polishing their competitive edge in the market for the years to come.