In recent years, the pace of regulatory change globally has been tremendously high, causing significant challenges for the authorized management of regulated entities. With the introduction of regulations such as DORA, PSD, NIS, GDPR, to mention a few, small and mid-sized companies, are finding it increasingly difficult to keep up with this pace and comply with new rules and regulations, while at the same time management needs to concentrate on the development of their core business. This trend has also been affecting the field of ICT Risk Management and Control, one of the areas of expertise of MAQIT, a specialized service provider operating out of Luxembourg.
The European Commission emphasizes the principle of proportionality (whose description you can find on page 14 of which requires that regulated entities exercises judgment regarding applicability and depth of the implementation of the regulation, as an essential ingredient for successful ICT risk management. Still, implementation requires a consistent balancing act for companies of all sizes, from the small and innovative Fintech players to the established larger corporates. Companies must keep abreast of regulations, while maximizing the benefits of technological innovations like Cloud, AI, and Blockchain.
How can MAQIT help in this context?
At MAQIT, we support our clients in the above mentioned balancing act. The nature of this balancing act can vary depending on whether we are working with a new crypto exchange trying to get licensed, sometimes before regulations are even introduced, or a well-established investment management firm operating within the established regulatory framework.
We work closely with legal teams and are as such specialized in moving legal text into practice. As IT engineers, we understand the technical foundations of our projects. With our business acumen, we can quickly grasp the business models developed, and connect this understanding with the IT foundations and regulatory context. Furthermore, our years of experience obtaining licenses from Luxembourg’s regulator enable us to anticipate clarification requests and advise our clients accordingly.
Our successful track record includes over 50 completed outsourcing notifications and approval requests, as well as supporting CSSF License Application Requests for PSF, Investment Firms, Management Companies, E-Money and Payment Institutions. We have also assisted multiple FinTech and E-Commerce companies in establishing their operations in Luxembourg.
What exactly does MAQIT’s value proposition look like, and what makes it compelling?
We offer effective “CISO as a Service” and “Outsourcing Management” services that include a deep knowledge in governance, risk, compliance, and technology. With “CISO as a Service” and “Outsourcing Management” services, MAQIT supports the clients’ Outsourcing Manager and CISO on ICT controlling topics, including, but not limited to, notifying the CSSF about future outsourcing arrangements, regulatory watch services, drafting of the ICT framework, documenting, and managing ICT security incidents as well as the outsourcing register, and maintenance of the latter. With these services, our customers benefit not only from technology but also from our human expertise, which empowers us to constantly adapt the service to their business needs and make the principle of proportionality in ICT control a reality.
We offer effective ‘CISO as a Service’ and ‘Outsourcing Management’ services that include a deep knowledge in governance, risk, compliance and technology.
At the core of our services stands our compliance factory called “Regulat.io”, the digital backbone of our service offering. With “Regulat.io” our clients can enjoy an end-to-end service that automates repetitive tasks and allows for a seamless experience. The platform’s “Regulatory” section bundles knowledge bases, ICT control repositories, regulatory requirements, questionnaires, assessments, and off-the-shelf policies, making it an essential tool for regulated organizations looking to improve their outsourcing management processes. “Regulat.io” streamlines the ICT Controlling function, reducing the need to copy information into spreadsheets and better linking information, ultimately contributing further to making the principle of proportionality in ICT controlling a reality.
Regulat.io MAQUIT
How can a factory still provide tailored services?
MAQIT’s mission is to simplify regulatory compliance procedures and help clients leverage smart automation, digitalization and cloud technologies. Our customer base includes various regulated entities, like small FinTech players, fund managers, investment companies, and banks. To address their different needs and align with our mission, we have gone for a mass customization approach, thus adopting a strategy combining mass production’s advantages with those of customization – a factory with a strong human touch.
MAQIT’s mission is to simplify regulatory compliance procedures and help clients leverage smart automation, digitalization and cloud technologies.
Starting from the same base – “Regulat.io” – and leveraging the innovative technology and digital tools at our disposal, we can create customized solutions for each client, considering their specific requirements. This approach makes it possible to offer efficient services suitable for the client’s unique situation, increasing their success and satisfaction and allowing them to devote more time to the development of their core business.