Paul Murdock, Founder and Managing director
The aftermath of the financial crisis in 2008 changed the structure of the regulatory regime for financial products and services in the US. The financial institutions in the country are subject to various regulators such as Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), Office of the Comptroller of the Currency (OCC) and several others. On the one hand, these regulators have successfully helped in addressing the regulatory gaps and systemic risk issues. Still, on the other hand, they have made compliance management arduous for the financial institutions. New York-based MCG Consulting offers best-in-class customized consultancy services for financial institutions in leveraging best-of-breed RegTech solutions to meet their compliance and regulatory requirements. Agnostic to any software solution, the company recommends advanced cognitive solutions to enable its clients, including banks, broker-dealers, investment advisors, and private equity firms, to have a better line of sight into fraudulent activities.
MCG Consulting engages with its clients to gain a holistic view of their internal challenges in the RegTech space. "A major challenge for CIOs is determining the effectiveness of legacy systems and given budget constraints, the cost- effectiveness in upgrading to the next-generation software solutions," says Paul Murdock, founder and managing director at MCG Consulting. The company prepares Findings and Recommendations reports for the clients by thoroughly analyzing their systems and policies and procedures. Once the analysis report comes, MCG Consulting provides “Best Practice” insights and recommends “Best in Class” solutions to help them mitigate the financial risks associated with implementing new software. Besides, the company helps clients incorporate modern technologies into their legacy systems thereby enabling them to stay up-to-date with latest technologies, gain competitive edge, and save IT cost.
Unlike many of our competitors, we are proficient in the areas of both Fintech and RegTech in the US Financial Securities market
MCG Consulting also offers traditional consulting services which include, forensic testing, fraud analysis, among others to the clients in the Financial Services industry. For instance, the company performs an annual anti-money laundering review for its banking and brokerage clients. MCG Consulting conducts forensic testing, "look back," and file scrubs to ensure that no fraudulent activities go undetected. Within the brokerage industry, the company does independent reviews of its clients' systems to detect fraud. This is to help clients ensure compliance by testing their respective systems as per the Banking Secrecy Act (BSA), and “Know Your Customer” Rules.
The team at MCG Consulting is a versatile mix of technology experts with years of deep domain expertise at big multinational companies and regulatory experts who have worked as attorneys for various regulators such as SEC and FINRA. On the compliance side, these experts identify and mitigate compliance, regulatory and financial risks and help clients devise personalized and forward-thinking compliance plans to deliver long-term value. While on the technology side, MCG Consulting’s technology experts help clients upgrade to next-generation software systems cost-effectively and stay up-to-date with the latest innovations. “MCG has the in-house expertise to lead independent conversations about technology, compliance, or business user requirements as well as provide a seamless conversation on all three topics. Unlike many of our competitors, we are proficient in the areas of both Fintech and Regtech in the US Financial Securities market,” remarks Murdock.
Over the years, MCG Consulting has developed partnerships with various vendors to offer its clients cost-effective technology solutions while at the same time, it focuses on business use cases of those solutions. “We keep a pulse on any new technologies and services that enter the market in the RegTech space,” states Murdock. The company constantly strives to evolve its solutions to stay abreast with regulatory requirements and meet the demands of its clients. “The more solutions we can offer our clients to help them solve their internal problems, the more valuable we will be to them as an organization,” concludes Murdock.