Wealth

Regulatory Response

Banking, Finance, and Insurance organisations are facing an unprecedented level of scrutiny and demand to meet conduct, regulatory, compliance and data privacy requirements.

Mosaic has a deep understanding of financial services regulation and the strategy-first process of developing interpretative frameworks to derive policy, process and functional implementation plans.

Some of our work

GDPR assessment

Mosaic assisted one of New Zealand’s largest banks with the initial interpretation of the GDPR regulations ahead of the May 2016 deadlines. This included working with legal and line 2 compliance and all platform owners to determine impacts and practical responses including initial enterprise processing inventory and privacy impact assessment tools.

GDPR compliance

Data privacy requires a pragmatic response to what can potentially be daunting compliance requirements. Having been engaged in initial interpretational and compliance work, Mosaic staff then went on to assist one of New Zealand’s largest banks with implementing pragmatic solutions across the enterprise which would be repurposed to accommodate domestic data privacy requirements. Specific deliverables included detailed impact assessments and data processing inventory.

FSLAA

Mosaic has led or been engaged in numerous FSLAA compliance initiatives from initial programme set up, regulatory interpretation, project governance framework design and implementation of practical compliance measures. These initiatives have covered two major banks and two Wealth management clients with FUM in excess of $10b. Mosaic has also developed significant proprietary IP around the operationalisation of FSLAA compliance covering enterprise governance through to operational process.

CCCFA

Mosaic has provided subject matter expertise into a large bank compliance initiative, initially focussing on drafting obligations and ensuring these capture future state requirements and developing business and product impact assessments.
The work has then moved to workshopping impacts with the relevant business units, identifying gaps and remedial work in the context of an overarching set of policies. From there, and compliance plan and framework was developed and the required changes operationalised.

AML/CFT

Mosaic has been involved in numerous initiatives across our banking and wealth management client base since 2012. These have covered initial interpretation and compliance change through to accommodation of periodic changes to the regulations. Mosaic staff have a deep understanding of AML/CFT and have predominantly engaged in a project management and senior analysis capacity.

US Qualifying intermediary

Us tax presents a complex range of potential outcomes for any financial services organisation. Mosaic have consulted on and executed practical solutions for a range of wealth management and banking clients since 2016. This includes client engagement, consultancy, project management, analysis and solution implementation.

CRS

A Mosaic team assisted one of New Zealand’s largest wealth managers and banks to accommodate CRS reporting requirements over a period of 12 months. Central to this engagement was ensuring that the existing FATCA reporting capability was not compromised and that the CRS requirements were correctly interpreted for each specific use case across the organisation. Interfaces to extract the relevant data were designed, built and tested to enable go-live.

BS11

Mosaic was engaged to assist one of New Zealand’s largest banks with the implementation of the Reserve Bank of New Zealand policy changes in relation to outsourcing of functions and services.

The programme of work included management of regulatory policy scope, remediation of existing bank outsourcing arrangements, embedding the RBNZ banking standards into the bank’s policies, processes, and controls, and ongoing governance

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