In 2018, following just one new European regulation, 6,052 European banks each paid individual law and consulting firms more than €2.5 billion to interpret the same MIFID II regulation – each making largely the same changes to their internal documentation, and systems. Miura will automate this whole process using NLP and RPA technology.
Inefficiencies across the whole regulatory compliance lifecycle, with lack of transparency and inefficient manual processes, are the cause for eyewatering costs. Even banks the size of Citibank still track new regulations and perform compliance monitoring and testing using spreadsheets, while their 150-odd compliance documents and audit reports are still longform PDFs, requiring expensive lawyers and auditors to update.
'At Miura, we automate the whole regulatory compliance lifecycle, with a live feed of the rules from the FCA, allowing real-time impact assessment and automatic smart document update, negating the need for lawyers. We scan system databases to ensure systems comply with the rules, and drive code changes in systems to reflect new rule changes. Our automated compliance monitoring programme runs every day, instead of every year. And we have transformed audit to be exception-based, cutting audit time by 90