SunGard rolls out cost-cutting compliance scissors
SunGard aims to reduce the cost of complying with tough new financial regulations
Financial technology company SunGard has released a new tool designed to help banks and other financial institutions to streamline their compliance with regulation, reduce their costs and control risk.
The new platform, Protegent Compliance, is a web-based platform that brings together existing Protegent compliance tools across several different areas such as workflow, hierarchy, role and entitlement assignment, ad hoc and dashboard reporting and system administration. The aim is to help the customer reduce costs by cutting the time and resources needed to manage compliance.
The compliance tools target market abuse and insider trading, personal trading and conflicts of interest, best execution, trade cost analysis, social media surveillance and customer onboarding. The service is available in multiple languages and works on tablet and mobile devices.
“The nature of new regulations is leading firms to rethink their organisational structures, business processes, and underlying technology architectures,” said Sang Lee, managing partner at financial research firm Aite Group. “Investing in a consolidated compliance technology framework could greatly enhance firms’ ability to keep pace with rapidly changing regulatory demands, thereby helping enable these firms to re-focus on identifying new revenue opportunities and staying ahead of the competitive curve.”
SunGard also offers tools that aim to help cut down on firms’ risk. In April, Nordic bank Alandsbanken chose risk management tools from SunGard, which it says will help the bank to comply with new financial regulations. SunGard’s Ambit Risk and Ambit Performance products are used by the bank to manage interest rate and liquidity risk and help the bank keep track of its balance sheet.
