News

MiFID II:Articles, Press

AQMetrics Adds MiFID II Readiness Enhancements to RegTech Solution

DUBLIN and NEW YORK, January 12, 2017 /PRNewswire/ —

Leading RegTech company, AQMetrics, today announced new enhancements to its end-to-end risk and compliance solution as part of its award-winning cloud-based platform. These enhancements will help both buy-side and sell-side firms better prepare for MiFID II (Markets in Financial Instruments Directive II), a year in advance of the regulatory deadline of January 2018.

The recent enhancements include:

  • An updated Supervisory Control Portal and Risk Register to provide client classification and product appropriateness factors and scoring
  • Additional Risk Monitoring analytics to cater to Best Execution and Transaction Cost Analysis (TCA)
  • A new regulatory reporting solution whereby AQMetrics is authorising as an ARM (Approved Reporting Mechanism) under MiFID II. AQMetrics is currently reviewing several MDP (Market Data Processor) specifications from National Competent Authorities to enable passporting of MiFID II regulatory reporting into all European Regulators.

With AQMetrics MiFID II solution, buy-side and sell-side users globally will be able to prove they have made best efforts to ensure their clients are classified correctly; that appropriate products are being sold to those clients; and that best execution is achieved. Furthermore, transaction reporting through the AQMetrics ARM will ensure that end-to-end MiFID II obligations are appropriately met.

“We’ve focused on analysing all Regulatory Technical Specifications for MiFID II holistically to provide our clients with a better way to be ready for next year’s deadline,” said Geraldine Gibson, CEO of AQMetrics. “With a comprehensive solution encompassing an efficient user interface, automated data validation, data analytics and an approved reporting mechanism, we’re able to deliver economies of scale to our customers while still maintaining   information and cyber security, data management, analytics and regulatory reporting.”

As firms around the globe prepare for the January 2018 MiFID II deadline, there is an increasing focus on finding ways to leverage modern technology to ensure proper compliance with evolving regulations. By leveraging AQMetrics advanced technology and extensive understanding of the regional and global regulatory landscape, financial firms can be better prepared for regulatory changes as and when they happen.

As AQMetrics continues to add enhancements to meet evolving client needs, the company has received a number of industry accolades noting its success in delivering innovative products to financial professionals. The company was recently voted the best compliance product for small and start up (Hedge Fund) firms at the 2016 HFM European Hedge Fund Technology Awards. AQMetrics was recently chosen by KPMG and H2 Ventures as one of the 50 emerging fintech stars in the annual 2016 Fintech 100 list and was listed by Irish Tech News as one of the Top 20 Irish Fintech companies in 2016.

About AQMetrics  

AQMetrics is a leading RegTech company focused on delivering regulatory risk and compliance solutions for financial professionals. We recognized that the accepted methods of managing risk and compliance were slow, outmoded, and inefficient. We drew upon our team’s deep experience in innovation, technology, law, and financial services to build a platform that performed markedly better, helping our clients leverage technology to more efficiently meet regulatory obligations. The AQMetrics platform has been tested, proven and perfected.

More information is available at http://www.aqmetrics.com, or follow us on Twitter @AQMetrics


Blog

Combating Spreadsheet Risk in Private Equity Firms

By Geraldine Gibson, CEO, AQMetrics

Since the introduction of the Alternative Investment Fund Managers Directive (AIFMD), Private Equity firms have been coming under increased regulatory pressure to demonstrate stronger systems and controls, particularly around data management.

Many PE firms however still rely heavily on Excel spreadsheets for a range of critical tasks, including portfolio valuations, risk calculations, capital accounts allocations, performance analysis and financial reporting.

This is a problem.

It is estimated that over 90% of spreadsheets in use today contain errors. Which means that PE firms dependant on such spreadsheets face significant – and unacceptable – levels of operational risk.

Operational Risks

The risks are many and varied.

First of all, spreadsheets are powerful tools that put programming capabilities into the hands of non-IT users, which means that critical “systems” can be developed without the normal safeguards, oversight and testing that would be associated with a typical development environment.

As a result, errors – particularly in complex formulae – can slip through and lead to incorrect valuations, which can remain unnoticed for long periods of time.

Secondly, spreadsheets are often not subject to change management controls, which means that users can – either inadvertently or maliciously – make incorrect updates, which again may go unnoticed until it is too late.

Another common problem is the fact that the original author of the spreadsheet may no longer be with the firm. As a result, people could be relying on figures without any understanding of how those figures are being calculated.

Add to this all the other poor practices that have evolved around spreadsheet usage, such as multiple versions existing within a single organisation; poor security and lack of password protection; cutting and pasting cells; etc. and it is clear why over-reliance on spreadsheets can lead to unforeseen operational risks.

Expert Systems

To combat such risks, PE firms are increasingly adopting expert systems, designed specifically to perform their most critical tasks in a controlled and consistent way.

In addition to enabling PE firms to perform core processing functions such as fund accounting and reporting, these expert systems ensure that consistent data definitions and standards are in place, enabling better management information around key metrics, for example.

Such systems can also include: pre-populated data fields to prevent data errors; management and control of complex algorithms used to measure portfolio and credit risk (for example); knowledge upkeep and transfer when people leave an organisation, thus eliminating “key man risk”; and much greater levels of security, with full revision management and audit trails both around who has accessed the system and who has changed data.

Additionally, these expert systems can provide documentation management, for example enabling the storage and indexing of documents relating to specific tasks ans risks.

Making the Change

So, what is stopping PE firms moving from Excel spreadsheets to expert systems?

In some cases, it is nothing more than inertia and an “if it ain’t broke, don’t fix it” mentality. Unfortunately for such firms however, overconfidence in the spreadsheets they have relied on for years can prove extremely costly, once errors do eventually surface.

Other firms may realise they need to do something but may not be aware that better solutions are available, or they may believe that such solutions are expensive and only available to larger organisations. But with the latest cloud-based solutions, barriers to entry are actually much lower than they may think.

In conclusion, with PE firms increasingly coming under the regulator’s microscope, and with data management as a key area of concern, firms who are able to demonstrate that they have the right systems and controls in place will not only be in a much stronger position for regulatory compliance, but will also minimise their operational risk and provide greater transparency to their clients, resulting in competitive advantage.


Blog, MiFID II:Articles

2016 Regtech Reflections & Five Predictions for 2017

shutterstock_435902356With 2016 fading fast into the rearview mirror, we’ve taken a close look at the key regulatory and technology trends from the past year and put together our thoughts on what’s to come in 2017. With regulation constantly changing around the globe, financial professionals would be remiss not to reflect on 2016 themes and consider important milestones for the next year.

2016 Lessons – Culture & Conduct Failures… and All Those Fines

This past year, significant fines were imposed around the globe on financial institutions that failed to implement proper culture and conduct procedures and instill a culture of compliance from the very top.

The most notable this year was Wells Fargo, a case study of unhealthy micro-climates within a single – albeit enormous – organization, showcasing the need for a firm-wide culture of compliance. Climates where expectations and rewards are not created with compliance and proper due diligence as top of mind.

Just a few months ago, details emerged around Deutsche Bank being fined $14 Billion just by US regulators – a fine that will cause shock effects across the financial industry.

While regulators around the globe grapple with ways to implement proper procedures, and checks on the banking system, culture & conduct issues are not so easy to manage without proper internal controls and alerting within a firm. We recently dug into this specific topic on the blog, looking more closely at the way culture & conduct are being regarded by regulators.

2017 Predictions

1. Blockchain Proves Its Value.

You’ve heard of it, everyone’s talking about the ways it can change finance as we know it but when will we really see ways for it to be implemented in real-life use cases? We believe 2017 will be the year that blockchain technology goes beyond proof of concept and we see true implementation cases. Blockchain will start to show its real power as critics question the real value of the technology within finance.

2. David & Goliath will Collaborate

We’ve long lived in the years of seeing larger financial institutions act on their own with smaller, innovative firms emerging to take tiny slices of big firm business. In 2017, we expect to see larger and smaller firms collaborating to take advantage of the reach of the big firms and the innovation within the more nimble smaller firms. With the upcoming MiFID II deadline, this type of collaboration will be necessary to address the regulatory changes for any firm doing business in Europe.

3. Regulatory Lessons Learned Abroad.

The theme of internationalization, especially within the financial regulation space, has emerged recently and we see this only expanding further in 2017. For many US firms, we see the ostrich effect taking effect next year as they bury their head, ignoring MiFID II requirements that many US firms still do not realize they have. In 2017 we predict a significant amount of last minute implementation projects around MiFID II, which will place great strain/stress on the business.

The good news is that US firms can learn some lessons from their neighbors across the pond as European firms took advantage of the MiFID II delay to get their ducks in a row. A lot of MiFID II jobs of late are early business stage type roles like organizational and IT change projects. With the deadline approaching, we will see a sudden ramp up, bringing massive competition for human capital in terms of knowledge and experience in the market.

4. Third-Party Risk Under More Scrutiny.

While third-party risks and technology risks have been a theme in 2016, we’ll see more regulators honing in on the risks of third-party providers and technology. This will be a global effort, with a significant amount of attention in the UK around inspecting firms. It’s yet to be seen what the hard and fast approach to this will be in the US, but there will need to be some set level of control, especially when it comes to global organizations.

5. Compliance Must Remain Central to A Firm.

With the impending new leadership in the US, many point to significantly less regulation but general consensus is that past regulatory changes have put policies in place to ensure risk & compliance are core to a firm’s culture.  Compliance and risks will continue to be a core area of focus at the board level of financial firms as investor protections and risk management. We see compliance already built into financial firms today – and we predict they will continue to comply with recommended risk management protocols irrespective of changes from the White House.

With DOL and MiFID II chomping at the heels of firms today, culture, controls and auditing will be key to ensuring regulators and firms recognize what’s going on within their own walls. It will be increasingly important for firms to ask themselves – how do we measure good cultural outcomes? what controls can we put in place?

 

 

 

 


Press

AQMetrics Named ‘Best compliance product for small and start up (Hedge Fund) firms’

DUBLIN (30 November , 2016) — AQMetrics Limited is a Global RegTech company with headquarters in Ireland. On the 29 November, 2016, AQMetrics was named ‘Best compliance product for small and start up (Hedge Fund) firms’ at the HFM European Hedge Fund Technology Awards.

hfm-tech-european-winner-logo

The 2016 European Hedge Fund Technology Awards recognized and rewarded IT and software providers serving the hedge fund sector that have demonstrated exceptional customer service and innovative product development during 2016.

According to CEO Geraldine Gibson, the award endorses the service model at AQMetrics, which is to use smart technology to build out effective and efficient risk and compliance tools for clients combined with a strong team of people. “We deliver first-class integrated risk and compliance technology solutions to big and small firms alike. Fundamentally that’s what clients are looking for from their risk and compliance solutions, an on demand utility that scales when a customer requires scale,” states Gibson.

Being able to deliver the same software to both small and large firms, in tandem with a robust service model, is bearing fruit. According to Gibson, a big chunk of AQMetrics new customers – over 40 per cent – have come from small and startup hedge funds over the last 18 months.

“As larger firms continue to invest heavily in technology, smaller firms are increasingly finding it difficult to deal with the demands of financial regulators. This is because they have to manage their growth in line with a raft of new and emerging regulations. When we came in to the industry in 2012 we had the advantage of building the business using new technology,” says Gibson. This has made it easier for AQMetrics to adapt to the changing regulatory demands that hedge funds  face today.

Moreover, AQMetrics does not rely on an outsource model. By building proprietary technology in Ireland and hiring really smart people globally, it gives AQMetrics the opportunity to add value in terms of both risk management and compliance challenges.

“We don’t have layers of people. Our customers and the regulators are our product managers, which means that each client and regulator has a direct impact on the evolution of AQMetrics products. That helps to further differentiate us from our competitors,” suggests Gibson.

“We continue to focus on evolving our solution set for clients. That has meant continuing to develop risk analytics and regulatory reporting. In the past year, we’ve focused on our risk management capabilities. In addition, we are working on building out our MiFIDII  services,” says Steve Barnes, VP of Technology.

 


Blog, MiFID II:Articles

Internationalization of Regulation – Part II

newyork-photoRecent amendments to the Investment Company Act (ICA) of 1940 have compounded regulatory hurdles for Europe-based hedge funds that conduct business in the United States.  Although hedge funds are typically able to avoid registration with the ICA under 3©1 exemptions, where the fund has less than 100 accredited investors, or 3©7 exemptions, where there are less than 499 qualified investors, a transformative U.S. regulatory regime presents new obstacles.

Accredited investors meet the following thresholds:

  • Make $200,000 a year or $300,000 a year jointly with a spouse
  • Have a net worth of $1 million individually or jointly with spouse
  • The Securities & Exchange Commission is considering higher limits

Qualified investors are defined as:

  • Persons with $5 million in investable assets
  • Public and private pensions funds with $25 million in investable assets
  • Nominees investing solely on behalf of qualified purchasers.

The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act epitomizes the new reporting and supervisory regime.  This piece of legislation has also closed key exemptions and now forces hedge funds with more than $150 million in regulatory assets under management (RAUM) in the United States to register as investment advisors, according to a 2016 report by accounting firm, Grant Thornton.

As an SEC registered investment advisor, hedge funds must also comply with the following requirements:

  • File disclosures on Form ADV
  • Designate a chief compliance officer
  • Maintain financial records to facilitate SEC examinations
  • Keep client assets with a qualified custodian

While European managers may think that adhering to the European Union’s Undertakings for Collective Investment in Transferable Securities (UCITS) law assures the compliance of their equity strategies with the ’40 Act, the U.S.’ tightening regulatory regime challenges that notion.  

Due to new reporting requirements announced by the Securities and Exchange Commission Chair Mary Jo White in 2014, foreign hedge funds must now deploy more compliance analytics, monitoring and disclosure resources to address a myriad of new risks perceived by U.S. regulators.  Instead of designating non-bank institutions as systemically important to the financial system, U.S. regulators are implementing more reporting mandates to make sure firms are properly managing risk, according to April 2016 guidance from the Financial Stability Oversight Council (FSOC).

In a 2015 SEC press release, Chair White articulated the goals of her reforms by saying that “investors will have better quality and greater access to information about their fund investments and investment advisers, and the SEC will have more and better information to monitor risks in the asset management industry.”

These ’40 Act amendments have also adopted several elements of European regulatory models and prioritized the following risk categories:

  • Portfolio composition and operational risks
  • Counterparty risk
  • Derivative exposure
  • Portfolio liquidity
  • Leverage exposure

As a result, UCITS-compliant fund managers may find that ’40 Act limits on position concentration and demands for enhanced portfolio diversification may invalidate certain equity strategies.  To circumvent these regulations fund managers may seek designation under the Securities Act of 1933, which regulates closed-end funds, or vehicles that typically issue a fixed of number of shares, and are implicitly more illiquid.  

More commonly, however, hedge fund managers will seek the 3©1 or 3©7 exemptions, which enable their alternative investment vehicles to allocate capital with significant leverage and make exotic and high-risk wagers. But, given that pensions are a primary institutional investor segment for alternative asset managers, particularly for larger AUM funds, these vehicles also fall under strict Employee Retirement Income Security Act (ERISA) legislation, magnifying reporting demands for European funds with American assets.   

And further complicating matters is the recent Memorandum of Understanding, signed by the U.S. Commodities Futures Trading Commission (CFTC) and the U.K. Financial Conduct Authority (FCA) in October.  The MOU aims to enhance transparency and the exchange of information between certain alternative asset managers with cross-border operations.

While the MOU only covers 20 firms registered with the CFTC as swap dealers, the internationalization of fund compliance is a growing trend that is certain to scale in its restrictiveness and scope, according to a July 2016 Boston Consulting Group report. Advanced EU reform initiatives like UCITS and the Alternative Investment Fund Managers Directive (AIFMD) may position European managers at an advantage relative to their peers in the U.S., with regards to stress test and audit compliance, but inevitable regulatory disruption demands an even more proactive compliance strategy.

Look no further than the BCG study, where one-third of their respondents answered that they were seeking better consolidation in risk reporting.  Another 40 percent said that their information systems were deficient and required upgrades.

Regulatory transformation has been a trend in the European investment industry since before the financial crisis and, in many ways, is more advanced than its counterpart in the United States.  But, with an increasingly global crusade to improve pre-trade compliance, analytics and reporting, transparency, IT system integrity and investor protection, it is clear that regulatory technology, or regtech, will assume a role of central importance.

To capture AUM in a lucrative American market, European alternative asset managers must embrace a secure and leading edge cloud solution that automates the supervision, capture and reporting of all position and portfolio data.  In a challenging market that pushed high-profile fund managers like Bain Capital, Fortress and others to liquidate certain funds or permanently shutter their operations in 2015, the right regtech asset is the best hedge against risk from the markets and SEC examiners as well.


Blog, MiFID II:Articles

MiFIDII Culture and Conduct – Consistency and Control

shutterstock_325251458

By Claire Savage, COO, AQMetrics

In light of the recent global financial crisis, and with MiFIDII fast approaching, the UK’s Financial Conduct Authority (FCA) along with other regulators in Europe, has been placing an increasing emphasis on culture and conduct. A number of FCA publications – including a dedicated Thematic Review – as well as recent speeches from the Bank of England[1], have referred specifically to why having the right culture and conduct is critically important to the industry as a whole.

It is clear that financial firms need to take this matter seriously. But how can culture be measured? How can firms build the necessary KPIs to monitor and improve it? And how can they leverage technology in this regard?

When measuring culture, there are three key elements that firms need to consider:

  • Remuneration policies
  • Treatment of clients
  • Approach to risk management

Remuneration

In their Thematic Review, the FCA discussed various issues around performance-related payments, bonuses and remuneration rewards. But another area that firms should consider is how to achieve greater transparency around the monitoring and reporting of commission structures throughout the supply chain.

One way to achieve this is through rules-based fee management where, in the event of a breach, alerts are triggered and reported at a supervisory level. For many firms, this will mean examining legacy and long standing relationships in their supply chain to ensure that rules are being conformed with. The net benefits will be positive however; the greater the level of granularity disclosed, the higher degree of comfort both investors and regulators will have.

Fair treatment of clients

Organisational culture is not just about internal-facing matters such as remuneration, of course. Firms also need to look outwards towards their clients and ensure they are treating them fairly.

From a buy-side perspective, investor protection is key. In particular, investment firms dealing with retail customers need to ensure that exact costs and charges on distributions are sent to the investors through the appropriate PRIIPs/KID documentation. Any rules-based fee management module implemented by firms should monitor for compliance with these best practices, so that they can prove to investors and regulators that a transparent, supervised, automated and audited approach exists.

Risk management

One of the most significant aspects of organisational culture is how the firm approaches risk management at every level: the operational layer; the supervisory layer; and most strategically, at the board level.

Board members should always be open to challenges about their approach to risk management, encouraging a pre-emptive approach to resolving any issues or perceived areas of weakness within the firm. It is also good practice for them to regularly engage in proactive conversation with regulators.

Risk silos within the firm are best avoided. Firms cannot afford to have ‘micro-climates’ within the organisation where disparate approaches to risk management can occur. Where firms are investing in technology for risk and compliance management, this can be an ideal opportunity to ensure a standardised, cohesive framework is put in place, to provide greater insights into the business.

Taking a holistic approach

Many investment firms today maintain multiple systems for measuring different types of risk, such as market risk, liquidity risk, credit risk, portfolio risk, operational risk, and so on. These are typically a mix of third-party packages, in-house built systems and, in many cases, Excel spreadsheets.

This lack of consistency and control makes it challenging for such firms to instil good culture and to maintain the right levels of conduct within their organisations. In order to achieve better outcomes, firms need to take a more holistic approach to risk management and reporting. Fortunately, technology now exists that can provide the requisite monitoring, detection and deep data analytics of different types of risk across the firm, without the wholesale replacement of existing legacy systems.

Bringing it all together

So how can firms gather this ‘golden source’ of data? In reality, most firms are not going to have a single hub where all their data is flowing through. There would typically have multiple databases, multiple administrators, multiple data formats and so on.

The answer lies in cloud-based platforms that are able to rapidly extract, transform and load all of these disparate data sources into a common, normalised format, contextualise that data and then run the necessary calculations and analytics on it. This not only provides the firm with the required holistic view of its risk, but also can satisfy a wide range of regulatory reporting requirements.

One of the key advantages of a platform such as this is that it is not a ‘black box’ from a niche risk management supplier, providing output with no detail of how that output has been created. Because the platform accesses source data, the business workflow matches the firm’s business operating model, providing the information needed at each of the three levels within the organisation: operational; supervisory; and board.

This kind of platform not only makes things easier when a regulator comes to audit, but it also enables data to be understood at every level in the organisation.

The result? Better culture, better conduct, and better outcomes for the firm. And this shift towards self-regulation, whereby it becomes integral to a firm’s core values and culture to conduct operations in a controlled, ethical and transparent manner, can lead directly to a range of good outcomes, including increased confidence in the market, better customer experience and stronger customer loyalty.

[1] In May 2016, Andrew Bailey of the BoE stated “the culture of firms and the people that make them up – and of course therefore the culture of industries insofar as it can be generalised – is of the utmost importance to financial regulators. Culture matters a great deal.”

 


Blog

AQMetrics named on H2 Ventures and KPMG’s 2016 Fintech 100

emerging-stars

AQMetrics is thrilled to be recognised in H2 Ventures and KPMG’s 2016 Fintech 100 – the list of the world’s leading fintech innovators for 2016!

The Fintech 100 features the world’s leading 50 Established Innovators, and the 50 most intriguing ‘Emerging Stars’. The list is the result of a global search and includes 35 companies from the Americas, 28 companies from EMEA, 13 companies from the UK, 14 companies from Asia and 10 companies from Australia and New Zealand.

The full list has just been made public and is available at www.fintechinnovators.com.

 


Blog, MiFID II:Articles

Reflections from a RegTech Masterclass

By Geraldine Gibson

I recently had the privilege of speaking at a ‘RegTech Masterclass’, hosted by Burges Salmon in London, where top of the agenda was the subject of MiFID II. This is perhaps not surprising, given that MiFID II impacts so many areas across the financial markets industry, touching every part of the trading logistics chain: from front, through middle, to back office; including pre-trade, at-trade, post-trade, risk management, clearing and settlement. Which means that, if firms are to be fully compliant, system overhauls are likely to be inevitable in some areas.

Consistency of trade-related data

It became clear from the discussion that one area where firms are planning significant changes to their systems is around maintaining the consistency and granularity of trading data.

The reason for this is that under MiFID II, more data points need to be captured and tracked throughout the lifecycle of the trade. The trader ID code for example, which is generally tagged in the original FIX message in current environments, is often not tracked onwards through settlement and accounting systems.

Under the new regime, this could cause a number of problems for firms when conducting any kind of post-trade monitoring, particularly in situations where trades have been allocated & settled and positions rolled. This is where RegTech steps in. Through RegTech the technical solutions to meet the complex granular regulatory requirements of MiFIDII are readily available over the cloud at the touch of a screen.

Algorithmic Trading and DMA

Another topic that came under discussion was the prospect of sell-side DMA (Direct Market Access) providers being increasingly disintermediated under MiFID II.

In recent years, the buy side has generally relied on execution algorithms and DMA provided by their brokers or their banks, typically exchange members. But under MiFID II, there is increasing scope for the buy-side to bypass their brokers, if they have their trading systems and exchange memberships set up appropriately.

It is not clear yet whether this will become a trend. But buy-side firms who do follow this approach will not only need to take ownership and responsibility for their trading infrastructures (rather than relying on those provided by their brokers), but from a MiFID II compliance perspective, they will also need to have the necessary systems and controls in place to prevent those systems from disrupting the market.

Simplifying regulatory complexity

One topic that was actively discussed was how firms could go about simplifying cross-jurisdictional regulatory complexity. On top of MiFID II, every national competent authority will have its own regulatory documentation that firms must comply with, so what can firms do to better understand that documentation, and ensure that their systems comply with the regulations not only of their own jurisdiction, but also of other countries and regions where they do business?

The answer is simple. Let the machines do it.

This is where AI (Artificial Intelligence) and natural language understanding come in. Machines can be programmed to perform language matching, using fuzzy logic to find where specific words and phrases prevail in a document. They can then bring back the results into a nice dashboard for the end-user, giving the ability to see across all jurisdictions (for the venue they’re trading on or the instrument they’re trading), which regulations or which parts of MiFID II they have to comply with, and how.

Risk control in the spotlight

The general consensus was that greater supervision is becoming the trend, and technology can help greatly with that. The regulators are keen to get rid of manual data intervention, and want to remove the heavy reliance on spreadsheets for reporting and compliance, where there is too much scope for manual error.

Greater automation will lead to greater auditability. Having the right regulatory technology in place will enable regulators or compliance staff to go to a specific point in time to see what a piece of data looked like when they need to, and given them far greater certainty that the data is correct.

The over-riding conclusion of the masterclass was that RegTech is only going to become more important. It is likely to be the enabler for instilling and maintaining a culture of good conduct and control across the organisation, which in turn translates not only into better regulatory compliance, but more importantly, into good governance.


Blog, MiFID II:Articles

The Internationalization of Regulation

International Regulations

Part One: What It Means for US-based Asset Managers

Business Today is Global – But Regulations Are Still Local

When it comes to doing business, country borders no longer serve as the restrictive boundaries they once did – financial regulations, however, tell an entirely different story… A story of differing rules and requirements for each country that is very slowly evolving to find ways to better address the internationalization of financial firms.

In this two-part series, we will take a closer look at what this ‘internationalization of regulations’ means for US and UK-based asset managers.

US-based with Global Aspirations

It’s no secret that many asset management firms that once focused solely on the US are now stretching their reach overseas as they seek to become global organizations.

In a recent speech at the Investor Regulation Conference in London, SEC Chief of Staff, Andrew Donahue stated, “the number of investment advisers registered with the Commission that have their principal office and place of business outside the U.S. has increased nearly 150% over the last 13 years, while the amount of corresponding regulatory assets under management of those foreign advisers has more than quadrupled during that time to $8.7 trillion .”

This type of international growth requires global cooperation amongst regulators across borders, to ensure proper compliance rules are in place for the benefit of investors and funds alike.

International Regulations – A Reality or A Dream?

A few key things remain consistent regardless of regional boundaries. Regulators across the globe are placing increased focus on the following types of risk:

  • systemic risk
  • liquidity risk
  • leverage risk
  • operational risk
  • cybersecurity
  • fraud

Donahue remarked on this in his speech, stating, “Although the progress in, and benefits from, international engagement are significant, more still needs to be done. Our increasingly complex and integrated markets demand no less. This need is particularly prevalent with respect to regulatory risks that transcend borders.”

While these concerns indeed transcend borders, there are different and often competing priorities depending on the region. One example of this is how European regulators are ahead of their US counterparts when it comes to a focus on creating regulations targeting alternative investment managers under AIFMD. In contrast, the US is ahead of Europe when it comes to the country’s focus on Money Market funds and Fixed Income swaps.

There is a sea change occurring today as regulators are looking beyond their backyard to see what other countries are focusing on in an effort to align priorities to minimize systemic risk globally.

What Does This Mean for US-based Asset Managers?

As regulators take pages and chapters out of each other’s books and we see an emerging international regulatory framework, asset managers will need to be nimble and able to adapt to changes both within and outside of their own borders.

US-based asset managers that market or manage funds in Europe are not always aware that they need to comply with regional regulatory requirements, putting them squarely in the purview of regional officials.

Let’s say for example that a US-based firm manages funds in Sweden. They often do not realize that they need to comply with Swedish regulations and report on their AIFs to the Swedish regulator. That is until they receive a letter from the regulator asking them why the hundreds of data points required for Annex IV reporting have not been submitted.

This is not just headache to pull together the necessary data and documentation but there is a language hurdle at play as well. A compliance partner with regional expertise that can leverage technology to compile the data points and translate the proper documentation into the right language plays a key role in solving the concerns of both the regulator and the firm in question.

Though this is just one example, with MiFID II coming into play in 2018, US-based asset managers that conduct business in Europe will need to be nimble and able to adapt to this changing sea of regulations across every border in which they operate.

What’s Next?

As regulators around the globe focus on better compliance monitoring and investor protection, there is no doubt that the next step will involve regulators reviewing the systems that asset managers use to meet relevant regulatory requirements.

US-based firms need to be ready to prove that they have all relevant regulations covered within every country in which they operate. Donohue remarked in his speech on the importance of, “lay[ing] the foundation for a modernized regulatory regime.”

The modernization of regulatory regimes has been a trend in Europe dating back to 2008 even if it’s only become a more recent trend in the US. Between the modernization of regulatory regimes and a greater global focus on pre-trade compliance and oversight of technology, it is clear that the next wave of regulatory focus will be on the systems used to meet emerging regulations and reforms. US-based asset managers need a modern, cloud-based solution that acts as an expert in regional regulations – translating what cross-border regulations mean and how a firm can meet all relevant requirements.


Blog, MiFID II:Articles

Transforming Regulatory Compliance with Artificial Intelligence

By Geraldine Gibson, CEO, AQMetrics

Artificial Intelligence in RegTech

Artificial Intelligence (AI), long the subject of science fiction, is now becoming more and more widespread and is seen as an increasingly important computer science across multiple industries. In Financial Services in particular, Machine Learning and Natural Language Processing is increasingly used today to make sense of big, complex data in a wide range of areas.

One such area is regulatory compliance. The use of AI – particularly Natural Language Understanding (NLU), a subset of Natural Language Processing – can help firms to realise a number of benefits, including improving the speed and efficiency with which they achieve compliance, and making that compliance much more robust.

The Challenge of Interpreting Regulation

As we’ve seen over just the last couple of years with the introduction of MiFID I & II, UCITS, AIFMD and the like, there is a constant stream of documents being issued by regulators, which can each run to hundreds, or even thousands, of pages. Wading through those documents and trying to pick out the pieces that are important so that appropriate rules can be built, code can be written and reporting systems can be automated (for example), is an onerous task for human beings.

In order to achieve compliance, many regulated firms take the approach of partnering up with third party consulting firms, paying large sums to them to help interpret the regulations, employing people to write up what everything means from a rules perspective, then attempting to code those rules into their systems.

This process is both operationally inefficient and unnecessarily expensive, when compared with using Artificial Intelligence from the very beginning of the process.

Today, AI can be – and is being – used to interpret regulations, to comprehend what needs to be done from a technology perspective, and then to codify the necessary rules. Those rules can then be automated into the relevant reporting and risk systems to make sure that the firm is not only staying compliant but also better managing its risk.

Natural Language Understanding

The key element here is the use of NLU, which is the component of natural language processing that reads – and more importantly interprets – text. By automatically translating the written regulations as they come out into usable code, NLU offers the benefits of bringing down the cost, the effort and the timescale of interpreting and implementing new and updated regulations.

Putting this into practice, we have worked together with our clients to develop a Regulatory Risk Analysis module based around NLU. This module takes in multiple sources of data from various business units and interprets it into a common language. That common language is then used to analyse and aggregate the data, distributing it back into one single, holistic view of risk across the organisation, which can then be analysed using various factors.

This approach, where all the risk factors are stored, analysed and fully assessed using machines, substantially increases the probability of the firm being compliant because it does away with the risk of cognitive bias, i.e. the risk that a group of compliance or risk officers come up with subjective and inaccurate rules regarding what they think the system should be doing, and maybe miss something.

Of course, risks will always exist. However, what this AI approach does is ensure that every ‘i’ is dotted and every ‘t’ is crossed during the risk assessment process.

Greater Speed, More Accuracy, Lower TCO

Although there are various different approaches to ensuring regulatory compliance, the whole process can only be fully optimised if AI is included in the journey.

By adopting platforms with AI at the very beginning of the process, with NLU taking the emerging regulations in and transforming them into a technological solution, firms will not only gain the speed, the efficiency and the accuracy that is needed to meet emerging regulations, but they will also hit regulatory deadlines – which otherwise can be quite challenging – and do it all at a lower total cost of ownership and with less overall risk than is otherwise possible.

 

 


Blog

What is RegTech

‘What is RegTech?’

That is the question that many people ask when they hear that AQMetrics is a RegTech company. So we’ve decided to share what RegTech means at AQMetrics.

RegTech is technology that helps people comply with their regulatory obligations. AQMetrics RegTech is a utility that uses a range of legal, technical and business skills to create well designed software based on algorithms, data analytics and machine learning.

Why is AQMetrics a RegTech company rather than a boutique consultancy firm?

Given the deep financial services software background of the AQMetrics management team and with over 100 years between them in the regulatory risk and compliance trenches at Tier 1 banks, it is not surprising that people often ask why AQMetrics is not a consultancy firm.

For us it is all about creating exceptional customer experiences whilst sharing total costs. After a slew of global financial services regulations, it is no surprise that in recent years compliance costs have increased significantly for firms. As a result, firms are stretched to monitor compliance, to understand emerging regulations and to interpret more and more data. As all firms are faced with the same regulatory challenges AQMetrics decided that it was time to change the status-quo. As costly lawyers and specialist consultants traditionally charged by the hour to provide each firm with effectively the same solution, AQMetrics takes a different approach. Taking requirements from a multitude of customers AQMetrics provides one single best in class utility to all at a shared cost.

Why is Artificial Intelligence part of AQMetrics RegTech Strategy?

AQMetrics utility analyses large volumes of data through real-time surveillance and predictive modelling to detect suspicious activity and potential breaches of financial services laws. This coupled with machine learning means that AQMetrics compliance algorithms become more powerful over time so that our customers don’t have to rely on pre-programmed indicators of non-compliant behavior. AQMetrics algorithms use statistical analysis to self-adjust, picking out the truest predictors of risk. The truest predictors of risk are not always the most obvious ones.

Why a collaborative ecosystem is key to the success of RegTech?

AQMetrics automated workflow has built automated controls into operations across our customer base, so that processes or transactions that could result in a breach of certain regulations or policies are effectively controlled and reported. This is only possible through collaboration and integration with partners in the ecosystem. One example is AQMetrics pre-trade compliance rules engine that determines whether a trade can be entered for execution. For pre-trade compliance AQMetrics real-time access to Bloomberg data ensures that prices are always up to date in a portfolio on the AQMetrics platform. Marrying real-time market data with a library of rules means that if an order is deemed compliant, AQMetrics can automatically submits the trade for execution. If the transaction is rejected, then AQMetrics automatically terminates the order until an end user takes appropriate action. Another good example is AQMetrics EMIR reporting partnership with the DTCC. Through real-time APIs derivative contracts are seamlessly reported from AQMetrics to the DTCC for EMIR reporting.

RegTech can do so much more than save on costs

In conclusion, at AQMetrics we don’t view RegTech as simply a means to automating compliance processes currently completed by staff manually. AQMetrics sees RegTech as an enabler of a utility that provides a friction-less and enjoyable customer experience from beginning to end.


Blog

What is this SaaS thing?

We were recently surprised when a customer asked us

‘What is this SaaS thing you keep referring to in meetings, in your online help and on your social media sites’.

So, we have decided to share our view of SaaS and why, in our view, it is great that aqmetrics is a SaaS company.

What is SaaS?

SaaS

Before we jump into the definition of SaaS, let’s deal with some basic jargon first. There is the ‘cloud’. In short, we connect with hosted online services to store and manage data. These hosted online services are our ‘cloud’.

Our applications are stored online in the cloud. Our customer’s data is stored online in the cloud. Our analytics and workflow are managed in the cloud. We list our solutions online and our customers ‘rent’ our software from our cloud location. This renting of aqmetrics software from the cloud is what we refer to as our Software as a Service (SaaS) offering.

Why is being a SaaS company great for aqmetrics customers?

Renting takes one form at aqmetrics – usage based subscription. Business pay a fee for the aqmetrics service based on their service usage. We offer plans with several tiers for ultimate flexibility. We also offer a fixed price for anything that goes above our top tier level. Our customers tell us that they gain considerable economies from our usage based subscriptions.

As our customers rent our software, the upkeep of the technology, maintenance, repairs, and upgrades all falls under aqmetrics remit and saves our customers time and money. Renting software eliminates the need for large technology teams.

Furthermore, because we offer regulatory technology (RegTech) our customers don’t have to employ large teams of lawyers to interpret rules and regulations. That heavy lifting is done by aqmetrics legal counsel. Our legal counsel reviews existing and emerging regulations alongside our technologists. Together the blended aqmetrics team build scalable software for existing, new and emerging regulations. The cost of regulatory change has significantly reduced in our customer’s organisations thanks to aqmetrics unique approach to blending legal and technical analysts to build the best products.

Our customers can access the software they rent from anywhere in the world and log their workflow progress as if using software installed in the office. Before cloud computing, typically only “lite” versions of office resources could be accessed remotely. Now, all heavy lifting happens through aqmetrics infrastructure, delivering an ‘in work’ like experience point-to-point.

Then there is the Business Continuity that is guaranteed through renting software as a service. An IT crisis in the office cannot affect aqmetrics cloud technology. If software services crash on one host, the aqmetrics service continues to run. Only the device impacted by the crash disconnect. This makes failover to another backup software service seamless and easy, whilst invisible to the end users of aqmetrics services.


Blog

Farewell Black Swans

Know Your Exposure. Be Prepared.

Do you know where your firm’s risk is concentrated? In this blog we examine how can you better make your risk culture understood from the top down and reported accurately from the bottom up.

Firstly, at an operational level, do all of your business units have a consistent view of the combined risks concentrated in their area? Do operational teams provide the input in to the Risk Register in a simple to use business application? Does your risk assessment tool allow for expert judgement to be captured for the qualitative risk assessment? Is each business unit a key participant in the risk management workflow?

Secondly, at a supervisory level, is there a holistic view across business units? How does the risk heat map look for the business? When should capacity and resources be assigned to risk control? What should be reported up to board level for escalation? Do you have a configurable tool that matches your firm’s business operating model?

And ultimately, at a board level, is the board aware of the risk concentrations that may impact the firm’s business reputation and core strategy? Are capital expenditure, mitigation, effectiveness and continuity plans acceptable? Does the board have assurance that risk is managed beyond superficial reporting? Is adequate information available to the board to facilitate knowledgeable discussions and highlight the top three ‘big bets’ and ‘key exposures’?

At aqmetrics we’ve a five step best practice approach to risk aggregation:

1. Consistency: At present, you may have one team capturing risk one way, and another team doing it another way. That won’t work. How can you aggregate risk at a firm level if there is no consistency in the risk capture at the business unit level?

You need to capture and assess all risks in a consistent manner. Disparate risk systems lead to data inconsistency that impacts your overall organisations risk assessments.

2. Concentration: Pooling risk assessment and creating a heat map gives you a full picture of where your vulnerabilities lie. There is a trend among risk professionals, regulators and compliance staff alike to assess risk concentration in line with current and emerging regulations.

3. Accountability: The solution involves integrating your company’s mitigation and action plans using a workflow model aligned to your business. Each business unit should be accountable for risk management in a non-superficial way.

Individual risks may not escalate to board level. However, when risks are pooled and organisational impact as a whole is assessed and managed via an auditable workflow, we move from passive risk management to active risk control. Board communications then become streamlined, simplified and above all accurate.

4. Appropriateness: Risk tools should support qualitative analysis in a predictable manner, while also providing quantitative analysis where required. They should be proficient in using statistical analysis to support both capital and strategic expenditure decision making. Qualitative analysis should be clear, understood and transparent, but quantitative should be used with caution and only for specific subset of risks.

5. Assurance: Any solution should have the capability to call, recreate and produce a full audit trail in the event of an internal or regulatory inspection. This is a necessity.

There is no escaping the fact that regulation and compliance touches every part of your firm. Yet regulations can be increasingly complex and overlapping. Consequently, asset managers having a growing need for a systematic approach to aggregate risk within evolving regulations (EU AML Directive V, MiFID II) and emerging regulations (Cybersecurity, GDPR, IT resilience).

The combined business impact of these regulations must be measured and managed in a consistent, transparent manner with accurate and timely reporting at an operational, supervisory and board level.

After-the-fact ‘black-swan’ assessments will no longer be acceptable.


Buzz

WomenInFunds first network event a huge success

#WomenInFundsOn 7th June, as part of FundForum International, AQMetrics launched the #WomenInFunds network. This year over 1,400 investment managers, intermediary investors and innovators attended Fund Forum International of which just 15% (approx 200) were women.

A recent Wall Street Journal article stated that only 9% of fund managers are women. And so, to help support and boost that figure, #WomenInFunds was born. The first event was held in the Waldorf Astoria hotel in Berlin on Tuesday 7th June 2016.

The cocktail reception was a huge success with 60 women from across the funds industry represented. They included global business heads, company founders, chief risk officers, portfolio managers, legal and compliance experts as well as industry consultants.

Geraldine Gibson, our CEO, introduced the event and Jenny Adam, Editor-in-chief of FundForum also said a few words. Claire Savage, our COO also attended.

New #WomenInFunds initiatives

FundForum and the Chartered Alternative Investment Analyst Association (CAIA) each announced an initiative to support and help women succeed in fund management.

  • FundForum #WomenInFunds Rising Star Fellowship

FundForum is kindly offering ten free places to FundForum 2017 to women under 30 showing original thinking about the future of fund management in any aspect of the business.

  • CAIA #WomenInFunds scholarship

CAIA’s scholarship includes a waiver of the enrollment and registration fees for its Level I exams (worth USD $1,650) and will be offered to a woman professional in the asset management space. To apply contact Laura Merlini via email at lmerlini@caia.org.

Do you want to help with the next #WomenInFunds event?

womeninfunds 1

Claire Savage, AQMetrics COO on left with Geraldine Gibson, CEO, on Claire’s right

We want to ensure that #WomenInFunds meetings are held at future related events.

If you would like to be involved in the next network event which we aim to have at the US Funds Forum – Strategies for Asset Managers to respond successfully to disruption – from 25-27 October in Boston, please email info@aqmetrics.com

We welcome all input from our #WomenInFunds colleagues. Please email info@aqmetrics.com

More information

#WomenInFunds Berlin Photos

#womeninfundswomeninfunds 2 womeninfunds 3

#womeninfunds


Press

AQMetrics gears up for expansion

Claire Savage COO & Geraldine Gibson CEO. Pic. Bryan Meade 2/6/2016

Claire Savage COO & Geraldine Gibson CEO

 

The Sunday Business Post published an article on aqmetrics expansion plans on the 5 June 2016, noting:

Maynooth-based company plans to double its staff numbers to 30

AQMetrics, the risk management and compliance software company which raised $3.25 million recently, has hired four new executives as it gears up to expand internationally.

Founded by Geraldine Gibson in 2012, the Maynooth-based company plans to double its staff numbers to 30 within 12 months.

See Tom Lyon’s article on aqmetrics expansion plans in the Sunday Business Post on 5 June 2016 here.


Buzz

AQMetrics expands into North America

Delighted to announce the official opening of our first U.S. Office.

US Office


Blog, UCITS

New UCITS risk reporting requirements from the CSSF

On 22 April 2016, the CSSF released instructions on the new reporting template related to the risk and risk management of UCITS funds. The first report must be filed by 16 May 2016.

The reporting applies to those UCITS that either have more than €500 million total net assets (TNA), or that use the VaR method for calculating global exposure and have an average leverage greater than or equal to 250% of the UCITS’ total net assets.

The following is a list of the main information to be submitted:

  • leverage per risk factor (sum of notional amounts; optionally: commitment)
  • sum of notional amounts per derivative category
  • % liquidity per time bucket
  • % shareholdings of the UCITS per sector classification
  • debt portfolios only: % TNA per rating class (1, 2, 3, …10)
  • debt portfolios only: % TNA per credit spread bucket
  • % TNA per type of credit-linked instruments
  • minimum/maximum/arithmetic average use of EPM techniques
  • collateral from EPM derivatives
  • details of the largest counterparty exposures
  • collateral from OTC derivatives
  • new stress tests / sensitivities

This information has to be continually submitted to the CSSF, so efficiency and a systematic approach to the reporting is key.

For more information on the reporting requirements see https://www.cssf.lu/en/supervision/ivm/ucits/legal-reporting/

 


Buzz, Form PF

AQMetrics is ready for PFRD Release 2016.04

AQMetrics Form PF reporting application is now updated to comply with recent Form PF changes (PFRD Release 2016.04) which consist of more onerous granular reporting requirements and a new version of the Form PF xml schema. These Form PF changes (officially  “PFRD Release 2016.04”) include rearranged question numbers, an update to data types, a removed sub-asset class, and a new checkbox to indicate CFTC compliance.

Specifically:

    • Question 5 has a new tag “NFAFundCFTCComplianceFlag”
    • Data types were updated for Questions 20, 25, 28, 32, 40, 46 and 50
    • A sub-asset class was removed from Question 35
    • Questions 56 and 57 were removed
    • Questions 58 – 64 were renumbered to 56 – 62
    • Questions 63 and 64 were added

The changes are effective from the 16 April 2016.


Press

AQMetrics to expand into US

sundaytimes

The Sunday Times published an article on aqmetrics 2016 funding round on the 21 February 2016, noting:

AQMETRICS, a software company that helps investment managers meet Central Bank reporting guidelines, has raised $3.25m (€2.9m) from Frontline Ventures, Bluff Point Associates, and Enterprise Ireland.

The company, which was founded by Geraldine Gibson three years ago, is planning to hire 30 new staff and open an office in New York, where demand for its software has been growing rapidly.

“The product we have delivered into Europe is suitable for the US marketplace and is a solution that has been proven to work,” said Gibson. US funds using the software in Europe encouraged Gibson to bring the software across the Atlantic.

“The reason for taking the funding is so we can achieve scale in the US,” she said.

Gibson established her company after a career working in the financial and technology sectors.

See Vincent Ryan’s article on aqmetrics funding round in the Sunday Times on 21 February 2016 here.


Press

AQMetrics raises $3.25m from International Investors to Build Team & Expand to US

DUBLIN, February 16, 2016 /PRNewswire/ 

AQMetrics, an integrated risk management, regulatory compliance and surveillance software provider, today announced that it has closed its first external funding round. The $3.25million round consists of investors Frontline Ventures, Bluff Point Associates, and Enterprise Ireland.

(Photo: http://photos.prnewswire.com/prnh/20160216/333606)

AQMetrics was founded by Geraldine Gibson in 2012 when she noted that Investment Managers were finding themselves in an era of great change, making risk management and compliance exceptionally complicated. AQMetrics offers a simple, innovative and effective way to address regulatory risk and compliance. The firm delivers an ultra-fast, high quality cloud based platform that saves its clients time and money.

AQMetrics’ current team of 12 has been dedicated to building AQMetrics’ platform for the last three years. As a result, AQMetrics software as a service has been used by both EU and Non-EU Investment Firms to submit regulatory filings to regulators in Denmark, Sweden, Norway, the UK, Germany and Ireland. With a fast-growing client demand, the team is capitalising on the momentum: AQ Metrics will be hiring 30 roles in Ireland within the next 12 months and establishing a New York office in the next six months.

“At AQMetrics we saw that a very clear gap existed for a technologically advanced cloud based platform to simplify regulatory complexity in real time. We believe that AQMetrics will play a transformative role in the way Investment Managers meet their global regulatory obligations. The addition of Frontline Ventures and Bluff Point Associates as investors will help drive AQMetrics’ ambition to build on its existing success as a leader in the European RegTech space by establishing a US presence,” said Geraldine Gibson, CEO of AQMetrics.

Tom McInerney, CEO of Bluff Point Associates said, “We are very excited to partner with Geraldine and the team at AQMetrics to expand its growth opportunities here in the US. We see tremendous upside for Fintech firms in the ever increasing world of regulation, risk management and compliance reporting. This will be Bluff Point’s first investment in Ireland, where we have strong personal links and are delighted to have them join our growing portfolio of financial and healthcare technology companies.”

Frontline Ventures partner Shay Garvey said, “We are really excited to back such an ambitious founder – Geraldine had her eye set on international markets from the start. Her dedicated team is testament to the innovative RegTech product that AQMetrics has built.”

About AQMetrics
The AQMetrics platform integrates pricing, risk and regulatory solutions into a single offering. AQMetrics helps its clients stay compliant while eliminating errors, reducing downtime, avoiding risks and minimizing regulatory breaches. AQMetrics provides clients with end to end data management solutions, from data preparation through to reporting to comply with existing and future financial services regulations. AQMetrics delivers turnkey Pre and Post Trade Monitoring, UCITS Rules Monitoring, AIFMD Risk Management and Annex IV Reporting, AML/KYC and UBO monitoring, EMIR Reporting and OPERA Reports. Using AQMetrics firms can: track investor activity, orders, executions and holdings from pre to post trade; receive risk alerts and notification of compliance breaches; and gain access to a dedicated team of industry specialists who assist in the simplification of regulatory risk and compliance.

About Bluff Point Associates
Bluff Point Associates is a private equity firm based in Westport, Connecticut. Bluff Point actively invests in the healthcare information services sector as well as information services companies supporting the banking, trust, securities, retirement and wealth management sectors of the financial services industry. Bluff Point’s team collectively has decades of experience in recognizing a company’s growth potential and working with its management to reach that potential. For more information regarding Bluff Point, visithttp://www.bluffpt.com.

About Frontline Ventures
Frontline Ventures is an early-stage venture capital fund based in London and Dublin, with a focus on European enterprise SaaS startups. Frontline is focused on the needs of the new wave of technology entrepreneurs – investing in the best teams that build capital-efficient businesses in high-growth markets. For more information, visit http://www.frontline.vc

–        Ends –

Photo:
http://photos.prnewswire.com/prnh/20160216/333606

Photo: http://photos.prnewswire.com/prnh/20160216/333606
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Photo: http://photos.prnewswire.com/prnh/20160216/333606
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AQ Metrics

CONTACT: For media inquiries, an interview, or extra images, please contact Suzanne McGann. E-mail: suzanne.mcgann@aqmetrics.com, Tel: +353-(1)-6292607