General articles

A growing need for smart compliance solutions

A growing need for smart compliance solutions, brought about the Covid-19-induced market disruption, as the quantity of fraudulent actions is increasing.

The Covid-19 public health tsunami that has swept the globe has equally resulted in many business fighting for survival, as operations have become severely disrupted, and clients have either delayed or even disappeared. Unprecedented in nature, scope and scale, these economic and behavioural shifts are themselves leading to the emergence of new risks for businesses, and particularly so in the field of compliance.

Research by BaFin (the German financial regulatory authority) indicates that since the outbreak of the pandemic, there has been a considerable increase in trade activities, and equity trading in particular has seen significant growth. In addition, it’s typically more difficult for companies with employees working from home to adhere to the revised European financial markets directive (MiFID II). Taken together, these development have made it harder than ever to ensure compliance with regulatory requirements and to monitor trade activities. Yet the increasing complexity of surveillance and detection is not the only issue facing market actors. Changing behavioural patterns have likely increased the risk of fraudulent activities too, thereby creating a greater urgency for market actors to reinforce their compliance systems and tools.

‘Our compliance software helps companies adapt to these changes and new risks, while shielding them from substantial financial loss and severe regulatory penalties’’, says b-next’s Chief Sales Officer Stefan Queck. Emphasising that special attention needs to be paid to the rapid availability and immediate deployment of such protective measures, Stefan continued, ‘The flexibility in configuring our solution in the cloud allows for location-independent operations. Our international customers value this flexibility, and especially so in times of crisis’.

About b-next

b-next AG is one of the world’s leading providers of corporate software in the capital markets trading surveillance and compliance sector. The corporation has around 70 employees. Its customer base in the finance sector includes, among others, renowned banks, brokers, supervisory bodies and energy suppliers. In the 30-year history of the company, several hundred customer projects have been successfully carried out. b-next is represented by its own branch offices in Germany, Great Britain and the United States.

The slogan ‘SECURE | PROTECT | COMPLY’ stands for the company’s powerful and comprehensive solutions covering the entire spectrum of compliance requirements in the capital markets. b-next’s products help companies meet regulatory requirements and manage operational risks.

The major value driver for b-next are the development of innovative, cloud-based applications as well as the use of artificial intelligence, in particular for a strategic approach to compliance.