Delta Capita launches MiFID II due diligence tool

11 June 2019 Consultancy.uk

Consulting firm Delta Capita has launched a new tool for the structured products market under its inSPire brand. The tool enables Delta’s consultants to aide banks and buy-side firms with their MiFID II due diligence by collecting the relevant information in a central hub, saving on thousands of hours of labour a year.

The financial services sector is facing a period of rapid disruption. With the rise of digitally agile competitors coinciding with a rapidly expanding web of regulatory obligations to comply with, many traditional market incumbents are keen to find new ways to streamline their businesses. This demand for innovation has led to a spike in the workload of consultants in the sector, who help draw up and implement the transformation strategies that many financial services firms now rely on for a successful future.

This is no different for London headquartered Delta Capita. Founded in 2010, the firm specialises in the financial services sector, working with many of the world’s most important financial institutions to help them comply with regulatory obligations, transform and simplify operations, reduce cost and adopt innovative business models and technologies. Describing itself as a ‘challenger’ business and technology consultancy in its own right, the group has already taken an array of innovative offerings to market for its clients.

Delta Capita launches Inspire

In 2017, Delta Capita launched a new Big Data-as-a-Service Platform, named Delta>Data, which offered banks, insurance companies and other financial service institutions a suite of solutions and an infrastructure to support their big data and analytics endeavours. Then in 2018, the firm partnered with fast growing Irish FinTech and RegTech company Fenergo to serve as its preferred implementation partner of choice, helping financial services organisations improve how they manage their growing Client Lifecyle Management challenges.

In its latest development, meanwhile, Delta Capita has announced that its structured products unit, inSPire, has developed the financial sector’s first utility focussed on the ‘Know Your Distributor’ due diligence process. The utility is now live, producing distributor due diligence for global investment banks.

Last year, the launch of the new MiFID II regulation crystallised regulatory expectations and placed further obligations on issuers and distributors to evidence appropriate due diligence and information sharing to satisfy Know Your Distributor requirements. Without an industry standard for due diligence questionnaires, the industry is needlessly duplicating DDQ forms in-house. inSPire Due Diligence aims to eliminate this unnecessary duplication of DDQ design, production and monitoring, speeding the process up for issuers and distributors and allowing financial institutions to re-allocate resources to higher value work.

Commenting on the launch, Mark Aldous, Managing Director at inSPire, said, “inSPire Due Diligence is delivering much needed standardisation and streamlining of processes that deliver enhanced due diligence and service levels. Issuers who use the utility receive comprehensive due diligence produced to a market leading standard. For distributors it will reduce their administrative overheads when responding to multiple issuer requests for the similar information throughout the year.”

Joe Channer, CEO, Delta Capita, added, “This is another example of inSPire bringing together the industry with an exciting new initiative for the mutual benefit of all participants. inSPire’s Due Diligence service will deliver significant efficiencies and cost reductions to the market at a time when it is most needed.”