Mazars Ireland implements Covered Asset Monitoring system to assist with regulatory compliance


About Mazars Ireland

Mazars Ireland is a leading professional services firm providing audit and assurance, consultancy, corporate finance and taxation services. Mazars is based in Dublin, Galway and Limerick with a staff of over 200 and is part of an international firm. Mazars serves as a Covered Asset Monitor on behalf of the Irish Financial Services Regulatory Authority, monitoring the ongoing compliance of covered bond issuers with the underlying regulatory framework.

The Challenge

Mazars required a robust technical system to assist with the compliance assessment process. The system needed to:

 Accept substantial volumes of data from a range of covered bond issuers across a number of countries.
 Identify inconsistencies in that data to be addressed by a particular issuer.
 Apply business rules in order to formulate a view on compliance.

Mazars would then be in a position to provide reports to the regulatory authorities underpinned by the appropriate evidence base.

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The Solution

Zing was chosen because Mazars needed a local partner with strong capital markets and retail loan expertise. Zing delivered a Covered Asset Management (CAM) system – a multi-threaded application developed in .NET running against a SQL Server database. The system included an analysis set-up and administration front-end, interfacing components for data upload, database procedures for applying business rules and a reporting module.

The Results

Zing designed a new “Consumables Usage Tracker System.” This new system:

 Automates input and set-up of consumables usage data.
 Eliminates manual data processing errors.
 Provides access to data previously not available.
 Offers a single data repository for further consumables usage pattern analysis.

“The financial rules underpinning the monitoring process are complex making it a complicated system to deliver. However Zing specialists really applied themselves to the task in hand with the result that we now have a system that forms part of the core technology platform for all our Covered Asset Monitoring activities”

Mark Kennedy, Partner, Audit & Assurance Services.

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