Case Study: Asset Manager rolls out new compliance investigation system

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.