Microsoft CRM and MFiD Customer Categorisation Compliance
URALSIB Securities Limited is the UK subsidiary of one of the largest Russian banks with over 17,000 employees and 3 million customers. The London office maintains relationships with the City of London and is subject to regulation by the FSA.
The FSA requires all investment banks, hedge funds, and stockbrokers to comply with the European MiFID regulations which include customer categorisation where all customers are categorised as professional clients, retail clients, or a as a counterparty.
A robust document management system and audit trail is needed to keep track of the many documents involved in this process and URAlSIB commissioned redware to implement a MFid Customer Compliance system using Microsoft CRM.
The initial design and implementation took 10 days and was aided by the rigour of the existing working practises. Each prospect was initially categorised and a series of documents requested and stored in custom tables within CRM. Integration with Microsoft Outlook was a great benefit here.
The workflow system was able to monitor missing documents for each customer application and also remind users when records of a document needed to be renewed. Staff took quickly to the new system which was immediately implemented in the London office to provide a fully auditable customer categorisation and document management system that satisfied the MFid directive.
The second phase of the project extended the system to allow customer compliance from the Cyprus office and redware was involved with the user training and acceptance in Cyprus. The document management system enabled some documents to be shared between the two offices and communication was made securely through use of the intranet to allow a single database to serve both offices.
The client had strong working practices and clear requirements from the FSA and MFid which provided a clear scope of requirements for the project. Existing customer details were already being maintained within CRM and good progress was made on this project with a rapid international roll out. URALSIB are currently evaluating whether to use Microsoft CRM in the head office in Russia.
Please email firstname.lastname@example.org or call us on 0845 3010 444 with your CRM requirements and we can often integrate your accounting system with CRM within 24 hours. As well as consultancy and troubleshooting, we offer SMS text messaging, telephony, and credit checking facilities for CRM.