lunes, 27 de mayo de 2013

El modelo NAVEE de ConVista

Por Sarah Feron - Senior Consultant en ConVista Spain

Introducción

En 2011, la Autoridad Europea de Valores y Mercados (AEVM)  publicó la Directiva  “Organismos de Inversión Colectiva en Valores Mobiliarios”, OICVM (UCITS IV por sus siglas en inglés), cuyo traspaso a ley nacional está en manos de la Comisión Nacional del Mercado de Valores (CNMV). Uno de los puntos claves de esta ley es la supervisión de Fondos de Inversión de las Instituciones de Inversión Colectiva (IIC) por parte de Depositarios o Sociedades Gestoras (SGIIC)
 
Modelo NAVEE de ConVista

¿Qué implica esta obligación de los Depositarios en la práctica? A continuación vamos a ver los procesos y tareas que tiene que llevar a cabo un banco para asegurar el cumplimiento con  el decreto.

Problemática funcional


Las  IICs facilitan toda la información que sea necesaria para calcular el Valor Liquidativo (NAV por sus siglas en inglés) del fondo. Es decir, además de los datos de saldos, se requieren todo tipo de comisiones cobradas, así como el tipo de cambio y el precio del valor utilizado. En base a esta información, el Depositario calcula el NAV de los fondos y lo compara con el precio cobrado por la IIC, utilizando los tipos de referencia actualizados (de proveedores independientes).   
Lo que parece muy fácil a primera vista conlleva procesos muy complejos. Los desafíos principales de los Depositarios se caracterizan por:
§  Tiempo de actuación breve (obligación regulatoria) à Presión.
§  Interrelaciones entre Masters (Fondo principal), Feeder Fonds (Fondos que en su conjunto crean Masters) y Clases de Activos (que forman Masters también). Las adquisiciones entre ellos son habituales (p.ej. fondo 1 compra fondo 2).
§  Alto nivel de coordinación para obtener y aprobar el precio final, debido al elevado número de procesos involucrados.
§  Los valores de las IICs pueden cambiar varias veces al día.
§  Tipos de cambio: obtención por terceros (proveedores) à llegada de información no coordinada.

Solución NAVEE de ConVista


Con el fin de afrontar estos desafíos, hemos creado una herramienta en ConVista, NAVEE (Net Asset Value + Fee), que permite automatizar la evaluación de los activos, así como la facturación de las comisiones. Esto implica, desde la carga de los datos de diferentes fuentes tantas veces como sea necesario, hasta la aprobación y la facturación de las comisiones. La herramienta se ejecuta en WEB Dynpro, simplificando la gestión de los usuarios. Asimismo, hemos desarrollado un Monitor de Procesos que permite ejecutar todos los procesos necesarios para el uso diario desde una sola pantalla. No sólo se puede ejecutar el proceso de cálculo del NAV, sino también la contabilización de las comisiones, la aprobación de los precios y el control de llegada de los ficheros respectivamente. De este modo cada usuario sabe perfectamente en qué estatus se encuentra el fondo y quién debe actuar en cada momento.
La herramienta, caracterizada por su flexibilidad, tiene respuesta a la complejidad de los productos con sus diferentes tipos de comisiones, métodos de cálculo y jerarquías: El editor de fórmulas permite al usuario crear nuevas reglas o cambiar fórmulas sin la intervención de TI. Cuando llegan nuevos ficheros de la IIC, se pueden recalcular los precios sin perder la trazabilidad, ya que cada evento está grabado en la aplicación y puede ser revisado.

Creemos ofrecer una solución que simplifica el trabajo significativamente al Depositario en un entorno legal cada vez más regulado y más complejo. Si quieres obtener más información, no dudes en ponerte en contacto con nosotros.

jueves, 23 de mayo de 2013

ConVista participa un año más en el Fórum Ausape

IX Fórum Ausape

La IX edición del Fórum Ausape (Asociación de Usuarios de SAP España) se celebrará en Castelldefels los días 6 y 7 de Junio. Como en ediciones anteriores clientes y partners podrán compartir experiencias sobre las innovaciones tecnológicas en el área de SAP.
 
Este año la agenda del Fórum Ausape se organiza principalmente en torno a cuatro áreas de interés: Cloud, Movilidad, Applications y HANA, en las que se expondrán hasta 19 casos de éxito de distintos sectores.
 
Frank Cohen (presidente de SAP EMEA) y Javier Colado (director general de SAP España) clausurarán la sesión primaria del día 6 de Junio,  mientras que  Carlos Barrabés (emprendedor en comercio y nuevas tecnologías) será el encargado de realizar la ponencia magistral.
 
Con 400 asistentes en la pasada edición, el Fórum Ausape supone uno de los eventos más importantes del ecosistema SAP a nivel nacional. ConVista estará presente en el fórum a través de un punto de encuentro en el que informaremos a los asistentes sobre la solución que mejor se adapte a su negocio.
 
Para más información sobre el evento, puedes consultar el siguiente enlace.

lunes, 20 de mayo de 2013

ConVista patrocina el SAP Financial Services Forum en Buenos Aires

SAP Financial Services Forum

Durante los días 23 y 24 de mayo tendrá lugar el 5º SAP Financial Services Forum en Buenos Aires, el evento más importante de la industria financiera en América Latina.
 
Como en ocasiones anteriores, SAP presentará las últimas tendencias tecnológicas avaladas por importantes clientes que aportarán innovadores casos de éxito, entre los que se encuentran el Commonwealth Bank de Australia o el Standard Bank de Sudáfrica.
 
Tendencias en el sector, desafíos, innovación y estrategia serán los cuatro puntos cardinales sobre los que tratarán las distintas ponencias registradas en la agenda y que estarán impartidas por líderes globales en el sector y consultores de primer nivel.
 
ConVista en su alianza con la empresa de consultoría argentina CDA patrocina este evento, que se celebrará en el Hotel Faena de Buenos Aires.
 
En este enlace podrás consultar la agenda completa del SAP Financial Services Forum en Buenos Aires.

viernes, 10 de mayo de 2013

Compliance and Reporting Solutions from SAP

by Sarah Feron - Senior Consultant at ConVista Spain

Overview
 
Although the financial crisis already started in 2007/2008, we can still feel its impacts. Regulations to enhance financial stability are getting more and more complex, and new topics are constantly added. The broad spectrum of topics being regulated by many national as well as international authorities is shown in the following overview:

Reporting & Compliance - Regulations


Abbreviations:
ESA: European Supervisory Authorities
ESMA: European Securities and Markets Authority
EMIR European Market Infrastructure Regulation
AML: Anti-Money Laundering
ESG: Environmental, Social, and Corporate Governance
SOX: Sarbanes-Oxley Act
UCITS: Undertakings for Collective Investment in Transferable Securities
AIFMD: Alternative Investment Fund Managers
 

IT solutions need to respond to these requirements, dealing with increasing data volume caused by a higher grade of granularity. In addition to that, the data must often be available in real time to respond quickly to critical decisions. It is therefore fundamental to centralize data, aiming to avoid duplications and guarantee data quality and integration in data processing.

When you decide on the “how”, it is often difficult to understand the scope of the software tools needed to cover the legal requirement. SAP offers a wide range of products, so finding the best-fit solution is not always easy and new versions and naming don’t make things simpler. Hence, it makes sense to start off from the generic view and to then dive into detail for each legal block. So let’s have a look at the solutions provided by SAP to respond to the legal landscape shown above:
 
Reporting & Compliance - SAP Solutions

Basel III (regulated within CRD and CRR in Europe)

So let’s have a look at Basel first. The European Banking Authority (EBA) is introducing EU-wide uniform reporting procedure based on the Capital Requirements Regulation (CRR) and the Capital Requirements Directive (CRD IV), coming into force in all EU member states Since Basel III is based on Basel II architecture, the latter will automatically be included in the solution; therefore, we will only focus on Basel III hereinafter.
Given the fact that Basel III itself contains a huge number of themes by its own, we should have a closer look at the respective SAP solutions. The core issues for the regulation can be summed up to
  • Credit Risk
  • Liquidity Risk
  • Operational Risk
  • Market Risk
  • Capital Risk
Given the three Pillars of the approach, each one will have to be analyzed with a different view:
1)    Compliance with KPIs based on the current situation (Pillar 1)
2)    Internal models of risk evaluation, including future scenarios and stress-tests (Pillar 2) and
3)    The disclosure management of the results to the respective authorities (Pillar 3).
To comply with the whole spectrum of Basel II and Basel III using SAP, you will need to consider the following solutions:

Reporting & Compliance - SAP Solutions

As you can see, to broadly classify the fields listed above:

  • Credit Risk à Credit Risk Analyzer
  • Liquidity Risk à Liquidity Risk Manager/HANA
  • Operational Risk à GRC Risk Management (Processes/Risk Management)
  • Market Risk à Market Risk Management
  • For Reporting and management purposes, the SAP Enterprise Risk Reporting 1 and 2/HANA come into place.
  • Presentation to authorities (EBA, NBAs) can be covered by the SAP Disclosure Management solution (including new xbrl standards).
In Europe, the analytical reporting regarding risk for Basel III is defined by the “COREP” reports. They are covered by SAP Analytical Banking. For external presentation (XBRL format) of the data, the Disclosure Management solution comes into place.
Accounting and Annual Reports
However, disclosure not only implies risk analysis (see above), but also statistics on Balance Sheets and Profit and Loss positions (new!). The reports, within the EU defined by “FINREP”, can also be presented by the Disclosure Management solution. They would fall into the Finance category, and are based on IFRS reporting. In contrast to COREP, the calculation process is not running on the Analytical Banking application from the Bank Analyzer, but its AFI (Accounting for Financial Instruments) component. AFI can also be used for IFRS reporting. An alternative to the Bank Analyzer is SAP ECC/FI.

Fraud and Corporate Governance

Fraud and Governance/Compliance are dealt with within the SAP GRC solution (Governance, Risk & Compliance).
Varouis regulations, such as SOX or Euro-SOX, demand an internal control system to be in place. SAP Process Control enables the management of such a system in almost every aspect, for example policy management or monitoring of manual controls.
As far as Fraud is concerned, Banks have to deal with a wide range of different types of issues. One big block which has gained high importance is Anti-Money Laundering policies, requiring for instantaneous action. SAP Fraud Management, also based on HANA, assures fraud prevention, detection, investigation, as well as its monitoring. It is categorized as a piece of the SAP GRC package. High data volumes can be organized and analyzed efficiently.
 
SAP Fraud Management  (GRC)
 
Fraudulent behavior related to internal actions (e.g. Rogue Trading, Wire Transfer Fraud, or Fraudulent Loans) can also be managed by the SAP solution.
Corporative Governance, regulated by Sarbanes–Oxley in the US and by a “EuroSOX” version in Europe is related to fraudulent behavior and therefore also part of SAP GRC.
For reliable management of authorizations, SAP Access Control ensures compliant user provisioning as well as the compliant design of user roles and access risk analysis on various levels. Furthermore, it enables an audit-proof emergency access management.

Securities Legislations

As far as securities are concerned, different topics are to be addressed. Within European regulation, they are regulated by ESMA, which has defined the European Market Infrastructure Regulation (EMIR) as well as the Markets in Financial Instruments Directive (MiFID) and the Undertakings for Collective Investment in Transferable Securities (UCITS)/ Alternative Investment Fund Managers (AIFMD, not yet in force) In the US, these securities topics are covered within the Dodd Frank Act.
As far as EMIR is concerned, you can take advantage of the SAP TRM (Treasury & Risk Management) solution to deal with Central Counterparties for clearing operations. SAP is furthermore currently developing a tool for the upcoming reporting obligation (“Transaction Register”) for EMIR.
If you are a depository bank and need control Investment Banks’ products, you will have to calculate the commissions and the Net Asset Value (NAV) respectively. ConVista has developed a proper tool which will automate that process for you.

Sustainability

Finally, Sustainability in the banking sector falls into the scope of Risk and Compliance. Despite the fact that reporting is voluntary, social pressure and strategic decisions lead to significant growth rates. Sustainability is usually divided into Economic, Social, and Governmental principles. Accordingly, SAP offers different solutions:
Financial Performance Management that is based on KPIs, the following tools come into effect:
  • SAP BusinessObjects
  • Risk Management application
  • SAP GRC (Governance, Risk & Compliance)
  • SAP BA (SAP Bank Analyzer)
If you would like to stress environmental sustainability, SAP EHS (Environment, Health & Safety) will be an appropriate solution. It allows tracking, measuring, and monitoring emissions, and is also able to generate reports for regulatory requirements.
Finally, for social compliance, a sustainable workforce needs to be assured. This can be achieved by deploying SAP ERP HCM (Human Capital Management).

Conclusions

Having analyzed one by one the pile of regulations, we need to keep in mind that the above picture will for sure be a snapshot in time only. Further requirements are just around the corner and existing ones are very likely to be improved. However, despite all the complexity behind it, we could see that the technological solutions are available and actually not that complicated. In the end, it comes down to a selection of products which can indeed be used for several purposes (e.g., GRC for Basel, Fraud, and Sustainability).