Financial institutions today face tough competition, workflow disconnects, and erroneous reporting. They require an efficient way to manage operational challenges and compliance. This is needed to secure their margins, and to allocate resources to focus on investment and effective customer management.
Automation can eliminate islands of processes, workflows, and data that do not interconnect across business functions. It also improves trade processing operations, mitigates costs, and operational risk through data-driven insights.
- Fair market value (FMV) reporting for the IRS: Involves automating the process of determining a Fair Market Value of property based on the asset owner's date-of-death and the asset valuation available via various market data sources on that date. FMV is automatically calculated based on the rules prescribed by the IRS and a comprehensive audit trail maintained of the FMV calculation including the processor details as well as rules applied and market inputs used.
- Automated service quality reporting: Provides reliable, accurate, and auditable performance data on key business processes that are part of services offered to private banking and advisory firms that outsource transaction processing. Raw data for metrics is collected automatically from the system of record and all volumes along with incidents are calculated and reported on a dashboard for review. Post review, reports on the quality, accuracy, timeliness, cost, and FTE efficiency for all firms are generated automatically at the click of a button.
- Post-trade compliance monitoring: Provides near-real-time enterprise risk monitoring/compliance reporting utilizing data from disparate enterprise / external source and feeding into FISTM Protegent Surveillance that automatically analyzes trade, account, position, and client data, along with third-party market data to identify questionable transactions and high-risk positions, streamline review processes, support audits, and respond to regulatory and legal inquires quickly.
- Fund factsheet verification: Helps eliminate manual operations and automates fact sheet dataset comparison by using automation to enable data extraction, validation, and exception management.