Reply is excited to launch a two-part breakfast meeting series to present the results of the survey and delve into specific topics covered by the survey with senior financial services executives. In collaboration with the European Banking Federation, Insurance Europe, and Profs. Markus Perkmann (Imperial College London) and Nelson Phillips (University of California, Santa Barbara), is currently conducting its second annual survey on Cloud in Financial Services.
We believe that the journey towards ensuring good outcomes for customers has only just begun and will have far reaching impact on the way firms are built and run. Join us for the breakfast event, where you will have an opportunity to share ideas across various areas of the Consumer Duty, understand the challenges faced by firms and interact with industry leaders.
To register for this event, please RSVP to
The year 2022 has brought a new wave of financial crime enforcement with Anti-Money Laundering (AML), Know-Your-Customer (KYC) and Countering the Financing of Terrorism (CFT) fines skyrocketing after a lull period during the COVID-19 pandemic. Fines have risen over 50% globally compared to 2021 and show no sign of slowing down in 2023.
The publication of Regulation (EU) 2022/2554 on the Digital Operational Resilience Act (DORA) for financial institutions in the Official Journal of the European Union on December 27, 2022, has significant implications for Luxembourg-based financial entities. Avantage Reply is actively assisting these entities to ensure they are prepared to meet this challenge.
On 25 January 2023, the FCA published the findings from its review of firms’ plans to embed the Consumer Duty (the “Duty”) within their businesses. These implementation plans should have been agreed by firms’ Boards by the end of October 2022.
Perhaps unsurprisingly, climate action failure, extreme weather events and biodiversity loss have been identified as three global risks anticipated to have the most damaging effect over the next ten years according to the World Economic Forum Global Risks Perception Survey 2022.
On 26 September 2022, the Bank of England (BoE) published details of the return to its 2022 Annual Cyclical Scenario (ACS). The ACS was not performed over the past two years during Covid-19 and postponed in March 2022 due to Russia’s invasion of Ukraine.
Avantage Reply will be hosting its first ESG
Breakfast at their office on the
3rd of May 2022 (from 8:00 to 10:30am) and we would be grateful if you could join us.
This session would be an opportunity to discuss the current ESG challenges and contribute to the conversation, as well as, a chance to ask questions to the experts and network with peers.
On April 22nd 2022, the CSSF published the longawaited Circular on outsourcing arrangements which sets out the new regulatory requirements applicable to in-scope entities as of June 30th 2022. The new Circular translates the EBA guidelines on outsourcing arrangements into locally adapted regulations.
The discontinuation of LIBOR requires the financial industry to shift to alternatives, the socalled Alternative Reference Rates (“ARR”), with implications on products that refer to variable
interest rates. Major structural differences between LIBOR and the ARR necessitate a reconsideration of product design, operational processes and IT solutions.
Brain Momoh, manager at Avantage Reply, writes about some of the key emerging risks facing financial institutions. Read the full article at TechNative.
In the context of growing importance of cloud-driven solutions, National Competent Authority in Luxembourg provides further details in respect to regulatory requirements around contractual clauses and obligation of notification prior to outsourcing of material IT activities.
Reply is hosting a special wine tasting event on the 18th of November 2021, to simply enjoy a delightful evening.
The event will take place from 7pm to 10pm at the Hotel Melia Luxembourg (1 Park Dräi Eechelen,1499 Luxembourg).
Join us and let’s share some glasses together while being guided by our sommelier.
The event will take place from
7pm to 11pm at the Hyatt Paris Madeleine Hotel (24 Boulevard Malesherbes, 75008, Paris). The evening takes place under the splendid glass roof of the Gustave Eiffel workshops. Take a break, join us and as the tasting progresses, let yourself be guided by our sommelier while enjoying an exceptional setting and the know-how of a master chef of France, Chef Sébastien Roux. Please note that the redirection page is in French.
On Wednesday the 13th October 2021, the Bank of England (BoE) and the Financial Conduct (FCA) have announced the launch of the joint transformation programme on Transforming Data Collection, officially kicked off at the beginning of July 2021: this initiative follows the letter published on 23 February 2021 from the two authorities.
Reply will be a Sponsor at the Italian meeting of Actuaries which will focus on technological innovation and systemic risks.
The European Commission presented an AML package in July 2019, where it highlighted a number of deficiencies in implementation of the EU anti-money laundering framework, while the recent money laundering scandals led the need to develop a new comprehensive approach at the EU level.
Avantage Reply UK and ElysianNxt are pleased to announce that we have entered into a strategic partnership, bringing together Reply’s management and risk consulting expertise with ElysianNxt’s cutting edge risk technology.
The intention of the “Quick fix” amendments to MiFID 2 is to support economic recovery from the Covid-19 pandemic. The European Commission tries to achieve this via certain reliefs of administrative requirements on firms. Member states are required to transpose the changes into national law by 28 November 2021 and apply them by 28 February 2022.
At Reply, we support, guide and advise our clients in their Operational Resilience to Operational Excellence journey through our deep industry experience, leading strategic partnerships and proven framework.
The European Banking Authority (EBA) published on 16th of March 2021 a decision, which changes the Basel III monitoring exercise from its current voluntary nature to a mandatory exercise from December 2021.