The Difference. Experience.

We have delivered more than 1,000 projects, leveraging teams of experts across business transformation, technology and stakeholder management.

Change is a journey, and we have the knowledge and experience to support you at every stage.

Regulatory Compliance

The regulatory landscape is shifting as firms face ever-tighter standards. We help you understand and navigate these changes.

IFRS17

Firms need to be ready to handle huge data flows at pace, so we help them better understand the new requirements and how the latest cloud-based systems provide a clear route to compliance.

MiFID II

Our experts help finance teams tackle the additional complexity of compliance, identifying solutions that streamline the process.

REGULATIONCOMPLIANCE

Navigate a Shifting Regulatory Landscape


IFRS 9

Designed to cover financial instrument handling, IFRS 9 came into force in 2018. However, many firms still do not have the tools to streamline their processes and simplify compliance. We have the knowledge to identify and implement solutions that reduce the operational cost of meeting requirements.

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IFRS 15

IFRS15 was developed and brought into force from 2018 to bring transparency to revenue recognition. Its business impact goes far beyond the finance function, so our practitioners work closely with firms to where the latest technologies can help them deliver compliance as efficiently as possible.

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IFRS 16

In force from January 2019, IFRS16 adds complexity to the lease accounting process, increasing the time and effort it takes firms to complete – along with the added risk of inaccuracy. We use our expertise to advise on and source solutions that reduce the burden of compliance on the finance department.

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IFRS 17

Due to come into effect from 2022, IFRS17 represents a significant change in the regulatory framework for insurance contracts. Firms need to be ready to handle huge data flows at pace, so we help them better understand the new requirements and how the latest cloud-based systems provide a clear route to compliance.

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GAAP

While designed to bring greater consistency to US accounting standards, generally accepted accounting principles (GAAP) create a major challenge for firms as they navigate a complex mixture of rules and requirements. We help businesses create an effective pathway to compliance while delivering improved insight into business performance.

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MiFID II

Arriving in 2018, MiFID II expanded the scope of the original harmonised standard for investment services across the European Economic Area. Our experts help finance teams tackle the additional complexity of compliance, identifying solutions that streamline the process.

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BASEL III

Developed to strengthen risk management, governance and transparency banking, Basel III was a far-reaching reform of regulation in the sector. We help firms understand and manage its impact on their business while laying the foundations for compliance with the forthcoming Basel IV standard.

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SOLVENCY II

Solvency II is designed to consolidate regulations for insurance firms across the EU into a single standard while ensuring adequate levels of consumer protection. Leveraging our industry expertise, we help organisations create efficient processes that deliver an effective route to compliance.

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LDTI

Designed to improve the flexibility of finance systems under GAAP, LDTI will involve significant changes to systems, processes and data for many firms. We guide organisations in identifying and implementing these changes to meet the standard’s requirements by its January 2022 deadline.

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Supporting your IFRS 17 Deployment and Beyond

For the past 25 years Millennium Consulting has been supporting CFOs with complex Finance Transformation programs.

Post 2008, regulatory compliance has assumed far greater importance within the Financial Service sector with organisations having to grapple with a plethora of new legislation from Sarbanes Oxley, MiFID, Basel, Dodd Frank as well as changes in IFRS reporting.

It’s clear that regulatory compliance is not going away. However, Millennium is a firm believer in exploiting the opportunities that are often overlooked when organisations view regulatory adherence as the only goal of compliance. We believe the work needed to comply can provide a once in a generation opportunity for companies to exploit the benefits made available by compliance to fundamentally change how they operate and view the world.

Designed to achieve the goal of consistent, principle-based accounting for insurance contracts, IFRS17 has forced insurers to integrate data from across the organisation and create a transparent single version of the truth. Using this “golden source” data, organisations can now not only meet regulatory requirements but also ensure all the information they need is held in one location thereby allowing streamlined accounting processes and the analysis of business trends in a way not previously possible.

Millennium has been engaged by UK, Europe and North American banks and insurance companies to take part in complex finance transformation programs typically involving design, configuration, build, development and software testing. We are software agnostic and work with the leading vendor products in the IFRS space to deliver client requirements. As such we can provide:

News & Updates


At Millennium Consulting, we are as dynamic as our solutions and services. Take a look at our latest news, events, press releases and updates to find out more about everything we have going on.

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