The evolution of MCO (MyComplianceOffice) from a technology development division within Fidelity Investments to a standalone company happened in 2008. Since then, the CEO Brian Fahey took the responsibility for the operation focusing on the main objective of building a better long-term compliance platform for customers.
MyComplianceOffice is a fully integrated platform that offers insight into the risk profile of employees’ compliance activities, providing a high level of risk control to compliance administrators. Today, no two businesses have the same regulatory requirements, but they all need technology that complies with their specifications. The MCO modular approach means purchasing what is needed today and understanding that it is easy to incorporate tomorrow’s need. The central network infrastructure hub of the MCO for all enforcement modules ensures a cost-efficient and proactive approach to managing controlled activities.
Users adoption is essential, MCO’s simple modern user interface combined with minimal clicks makes it very easy for employees to use. Without IT involvement, system administrators can easily customize documents. With customers in over 80 countries, with 24×7 tech support and 20×5 customer support, MCO provides a more comprehensive global support capacity than the competition.
MCO is ranked among one of the Top 100 Most Innovative RegTech Companies and was included on the Deloitte Fast 2020, Ireland’s foremost technology award programs. In addition, MCO recently achieved a number of awards:
- The CEO Views Magazine – Best Companies of the Year 2020
- RegTech Insight Award 2020 – Best Vendor Solution for Managing Conduct Risk
- Wealth Management 2020 Industry Awards – Best Technology Provider for Compliance
- Global 100 – Most Innovative Compliance Management Software Company 2019
“We’ve focused solely on delivering global, enterprise, easy-to-use, comprehensive compliance IT solutions. And we’ve been partnering with globally recognized firms to continually enhance our solutions to meet changing industry and regulatory requirements. Today, MCO has more than 550 client firms in 80 countries, with the same mission as the very beginning, to advance the business reputations of our clients,” added Fahey.
This concern with the clients led the organization to serve and retain its customers in an impressive 95% client retention rate, which has contributed to the doubling of MCO’s revenue over the past three years.
INDUSTRY CHALLENGES
Every businessperson wants to grow their business, but there are many challenges involved. Compliance has faced budget pressure in recent years, and it has forced these firms to accelerate the transformation of technology. This led businesses to search for alternatives to a single approach from manual processes or multiple systems used to handle enforcement activities that help the company satisfy its compliance obligations and reduce compliance program delivery costs. In general, MCO clients need to monitor their code of conduct practices across various business areas and jurisdictions to mitigate the possibility of misconduct. Therefore, MCO was designed to comply with the most challenging enforcement laws and policies of companies in any code of ethics requirements.
The COVID-19 outbreak has been a turning point for the organization to prepare for the worst. The biggest challenge for the clients and prospects is the new work patterns because of COVID-19. In 2020, all regulators from SEC in the US to FCA in the UK have been very concerned about inadequate monitoring of employees’ activities during this period. It is clear that the chances of misconduct have been increased. Especially during this period, MCO has helped financial services to improve their systems and processes that protect the business’s reputation, strengthen controls on personal account trading, market manipulation, and conflicts of interest.
TECHNOLOGY AND INNOVATION
As a RegTech company, MCO uses cloud computing technology through software-as-a-service (SaaS) to help businesses comply with regulations efficiently and less expensively. Besides, to be a RegTech solution, which is growing worldwide, MCO has a few core principles that include:
- Long term technology with continuous improvement of functionality
- Operationally efficient solution that requires minimal support and it is highly configurable
- Easy reporting that includes customizable data and dashboards
MCO delivers the best quality conduct risk solutions for global enterprise financial services and corporate firms. From 2020, MCO’s expansion was based on new product delivery and continuous investment in the technology to deliver its core principles in software solutions and design.
MCO is one of the leading providers of Compliance Management Software for financial services and corporate firms.
To learn more about MCO, please visit mycomplianceoffice.com.
