Our Greatest Compliance Challenge
A large global asset manager with a simple request: they wanted to streamline and improve their global trading compliance library. Located in three major regions, each group would be asked to adopt global standards for consistency and transparency. The first three challenges were significant, but manageable:
Gaining agreement on data sets, protocols and nomenclature. Local regulations and trading nuances needed to be documented and accommodated, while consistency was applied whenever practically possible.
Ensuring that all rules were working, and any new or rewritten rules were correct;
Ensuring that all of the account/rule assignments remained correct, including accounts that were grouped or “sleeved.”
The fourth was more complex:
The new compliance engine for the SaaS OMS had changed completely. While the marked improvements in granularity and coverage were welcome, it meant that thousands of rules would need to be completely re-written, reconciled against requirements, tested, and migrated to the production environment. Initial estimates for traditional methods of dumping results and comparing data sets, accounts, account/rule assignments, etc., stretched the project out a year past the deadline.
That was an unacceptable time frame. So, IMP conceived CLEAR Recon™. Building upon our CLEAR Compliance™ platform, we created CLEAR Recon™, which automatically reconciles rules, data sets, results and account structures. CLEAR Recon™ then presented the breaks in a meaningful way, so compliance team members could quickly resolve issues. That reduced the effort for reconciliation by 60%, keeping the project on-time, lowering the risk of error and dramatically lowering the cost.
CLEAR Recon™ is designed to adapt to virtually any OMS. To find out how CLEAR Compliance™ can reduce the cost and risk for your compliance conversion, contact IMP for a 10-minute demo.
