What We Do

At Monocle, we consult with our clients to design and deliver tailor-made, full-lifecycle solutions for our partners in the banking and insurance sectors, effectively bridging the gap between the business and its operations. As an independent, specialist consulting firm focused on finance, treasury, risk, and compliance, our expert consulting teams analyse complex client challenges in order to translate business and regulatory imperatives into tangible, end-to-end solutions that deliver both IT- and data-driven results, ultimately providing a commercial edge in highly-competitive markets.

We have seen first-hand how the financial services environment worldwide has been ravaged over the past decade by markets and regulations, and complicated further by legacy systems and complex products that hinder the efficacy of business. As experts in the field, we work closely with our clients to confront these difficult and intricate challenges head-on, utilising our extensive experience in the industry and the very finest consulting teams made up of business, data and IT skillsets, to implement cutting-edge and results-focused projects that add stakeholder value at their core.

With over 16 years in the industry and over 180 consultants in teams across the country and beyond, we have successfully leveraged our experience and expertise, with a long-proven track record of successful delivery and significant value added for shareholders. This consistent success has allowed Monocle to expand its reach internationally, with offices in London and the completion of large projects across Africa, Europe and Asia for global banking and insurance organisations.
What We Do at a Glance:

  • Understand our senior client executives' requirements
  • Conduct workshops with internal bank product specialists
  • Work with systems and with data to accurately create information
  • Interpret complex regulations and translate these into action
  • Build complex statistical models to predict risk and profitability
  • Write detailed requirements specifications for IT stakeholders
  • Design and visualise sophisticated output for decision-making
  • Provide critical institutional and subject matter expertise
  • Advise on strategy in the risk, finance, treasury and compliance spaces
Case Studies

IFRS 9

Solution:
Monocle aided the client in developing a comprehensive IFRS 9 data dictionary and designed a framework to allocate the required data and enable the automation of IFRS 9 models and disclosures. As a result, the bank can run IFRS 9 parallel to the current provisioning framework and optimise the outcomes of IFRS 9 calculations.

IFRS 9

Challenge:
A leading African bank based in South Africa required a robust IFRS 9 data acquisition framework to be implemented across all its South African and African jurisdictions. This framework needed to be capable of facilitating automated calculations and disclosures, in alignment with BCBS 239 principles.

Risk Data Reporting

Solution:
Monocle used a top-down approach to identify all critical metrics and areas of non-compliance across the client’s South African and African operations. A detailed data path analysis also identified high-priority remedial actions. The bank, together with Monocle, is subsequently implementing programmes to ensure full compliance by 2021.

Risk Data Reporting

Challenge:
A Big Four South African bank needed to devise a structured response to BCBS 239 regulations to ensure its compliance with the principles governing risk data management and aggregation. This would enable them to communicate effectively with the regulator and to plan remediation.

Customer Value Management

Solution:
Monocle assisted the client by conducting workshops with senior stakeholders, acquiring insight on the bank`s CVM practices that could be benchmarked against best practice. We also developed a high-level CVM approach that received buy-in from all stakeholders. This is being rolled out across the organisation in a top-down manner.

Customer Value Management

Challenge:
A major South African retail and business bank sought external subject matter experts to engage with C-level stakeholders and assess its Customer Value Management (CVM) Practices. The bank also wished to benchmark these against best practice and subsequently develop a new CVM framework to accommodate all its businesses` clusters.

Data Governance Strategy

Solution:
Monocle assisted in setting up programme governance and the reporting view to manage activities, progress and risks. We further aided in defining, in overall strategy terms, the link between business requirements, data capabilities, and project activity. Upon roll-off, structures were put in place to support the client’s future data journey.

Data Governance Strategy

Challenge:
A leading South African investment bank required assistance in establishing governance and structures supporting the delivery and operational embedment of its data management capabilities. With a high-level strategy defined, the client needed various in-flight data related projects, particularly around BCBS 239, to be effectively structured and governed for reporting purposes.

Regulatory Reporting

Solution:
Monocle mobilised a large, multi-skilled team to assist the client in executing a highly structured approach to solving this complex problem. Through this approach, the bank was able to meet all requirements and obtained its banking licence ahead of the deadline set by the Group Executive Board.

Regulatory Reporting

Challenge:
A new South African retail bank needed to prove its ability to produce BA returns, in order to obtain a Banking Licence. This necessitated the design and implementation of an end-to-end regulatory reporting framework, capable of deriving every metric and concept needed to populate the BA Return Series.

Economic Capital

Solution:
Monocle, in meeting the client`s requirements, assigned subject matter experts with unique skill sets to assist with development in conjunction with SAS – a project partner across several jurisdictions. Monocle’s work significantly impacted the efficiency of the programme and assisted the client to deliver on stakeholder expectations within stringent time frames.

Economic Capital

Challenge:
A UK-based Tier 1 global bank required the development of a SAS-based system with regulatory and economic capital measurement and reporting capabilities, implemented across all jurisdictions worldwide. This full economic capital solution necessitated a deep knowledge of the business and regulatory requirements, as well as the data and IT requirements.

Foreign Account Tax Compliance

Solution:
The Monocle team developed tools to implement the FATCA regulations across all jurisdictions, enabling the bank to file its tax returns with all the relevant tax authorities on time. This included an SQL-based tool to assist with relevant data acquisition and reporting to SARS and the IRS.

Foreign Account Tax Compliance

Challenge:
A leading African bank based in South Africa required an end-to-end solution to ensure compliance with the new Foreign Account Tax Compliance Act (FATCA). This was to be implemented across its South African operations, as well as 19 other African and European jurisdictions.

Fundamental Review of the Trading Book

Solution:
Monocle conducted an initial study to assist the decision-making of senior stakeholders. A Request for Proposal document was subsequently prepared and shared with multiple vendors to identify the best fit. Once finalised, the bank will implement the vendor solution with the aim of reporting market risk under the new regulations.

Fundamental Review of the Trading Book

Challenge:
A multinational African bank based in South Africa wanted to assess its eligibility to adopt an Internal Models Approach (IMA) to the Fundamental Review of the Trading Book (FRTB) regulatory requirement for Market Risk. The client also required assistance to identify an appropriate vendor solution for their business need.

Data Analytics Review

Solution:
Monocle identified several use cases to generate key insights in a once-off, top-down manner. By executing this solution and delivering detailed documentation of the approach used to garner these insights, the client was able to use the findings to motivate significant positive change in the operating model of the organisation.

Data Analytics Review

Challenge:
A leading South African life- and short-term insurer required external specialists to motivate for change and budget at a group level through the end-to-end analysis of their processes, in order to assess the capabilities within the firm to generate deep insights through data warehousing and data analytics.

 
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Monocle is a results-focused consulting firm specialising in banking and insurance. We believe in doing business with integrity and transparency. We consult broadly – but specifically, we translate business and regulatory imperatives into tangible, data-driven results, bridging the gap between the business and its operations.


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OUR ADDRESS

South Africa

13th Floor, Greenpark Corner, 3 Lower Road, Morningside, Sandton, South Africa

United Kingdom

4 Lombard Street, London, EC3V 9HD, England

CONTACT US

South Africa

Phone: +27 11 263 5800
Fax: +27 11 263 5811
Web Site: www.monocle.co.za

United Kingdom

Phone: +44 (0) 2071 902 990
Web Site: www.monocle.co.za

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