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.
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.
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.
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.