| Industry |
| Financial Services |
|
| Objective |
| Provide a platform to reduce costs associated with managing external and internal compliance investigations |
|
| IT Objectives |
- Introduce a systematic methodology for providing a reliable and cost-effective compliance information repository
- Deliver automated collation and indexing of all compliance related information across systems and formats
- Reduce cost and time for access to company and system wide compliance related information
|
|
| Business Objectives |
- Offer early detection, minimising risk and enhancing information quality
- Embrace diversity of compliance related information in a cohesive system, supporting future changes
- Accelerate investigation response times across the enterprise, increasing efficiency and adding business value
|
|
Introduction:
This Asset Manager was looking to reduce costs and timeframes associated with
managing compliance investigations. Their Compliance Officers were spending
valuable time gathering and sifting through large data sets to find what they
required in order to deal with FCA, Exchange and internally initiated
investigations.
Challenge:
Financial Service Institutions worldwide regularly receive and have to
respond to a variety of compliance investigations as they strive to enhance information
quality and increase agility while simultaneously reducing costs and mitigating
risk. Compliance officers have to spend an increasing amount of time gathering
and sifting through large data sets to find what they require, often having to
rely on already busy IT resources in order to locate the relevant information,
instead of being able to focus on keeping the organisation compliant. With regulatory pressure to demonstrate due care, forward-looking
companies such as this want to provide another way to illustrate their commitment
and diligence to meeting regulatory obligations.
Solution:
As companies have dramatically increasing amounts of information
to manage across growingly diverse
formats a system has to be 'aware' of other applications and frameworks within
the organisation, only then can the relevant information be indexed, enriched
and made available in an organic and company-wide manner. This progressive
asset manager realised that in order to both reduce costs and improve
responsiveness, both in quality and time, they needed to adopt a compliance
investigation system.
Benefits:
Roll-out of the system is complete and response time to
compliance queries has been reduced by 30% on average, costs have been reduced
by 40% on average. These figures are based upon initial investigations and are
likely to improve over time.
Client Quote:
“Although introducing a new system can
come with technological challenges, the primary challenge is usually cultural. However
our Compliance Officers have embraced the system that has essentially empowered
them. They now have more time to provide insight into the underlying
information and are already more comfortable in knowing that all of the
information is in front of them. We also all appreciate how easy the system is
to use, which fast-tracked the training process.”
– Simon, Group Compliance Officer
For more information regarding our software products please visit Synetec Compliance Investigation System
George Toursoulopoulos is a financial technology specialist and Director at Synetec, one of the UK’s leading providers of bespoke financial services software solutions.
|
|
