Omgeo recently released the new Omgeo ALERT functionality, SI Compliance Scan. With this new functionality, users can measure the quality of SI data by identifying, reviewing and correcting invalid instructions, allowing users to reach 100% compliance more efficiently.
As regulatory uncertainty lingers, financial services firms continue to seek ways to remain compliant and reduce operational costs. With SI Compliance Scan, for the first time, Omgeo ALERT can programmatically enable users to measure their SI data quality and obtain one comprehensive view of their compliance with Securities Market Practice Group local market standards and community-best practices worldwide. By having the ability to fix the errors in bulk, investment managers eliminate time-consuming manual processes and reduce operational costs as they work toward high data quality across all of their accounts.
With market rules constantly in flux, investment managers need an automated method of verifying compliance with these standards coupled with the ability to correct any issues and distribute updates to their counterparties, Mark Bouchea, director of product management at Omgeo, says. Omgeo ALERT delivers on these requirements. Moving forward, well continue to work with our community to ensure that ALERT meets evolving industry needs.
Altaf Hossine, vice president at The Boston Company Asset Management LLC, adds: Maintaining up-to-date settlement instruction data is a time-consuming task. With the new ALERT SI Compliance Scan capabilities, we gain one comprehensive view of our compliance, allowing us to easily correct inaccuracies and reach our goal of being 100% compliant.
SI Compliance Scan is the final component of the Omgeo ALERT Markets & Validations releasesa multiyear plan of enhancements aimed at providing clients with enhanced features and clear rule guidance in order to improve data quality. These releases were a result of ongoing solicited feedback from Omgeos global community of key investment manager and broker-dealer firms.
In the first week of launching SI Compliance Scan, more than 2,500 updates were communicated to clients. In addition, 140 users achieved 100% compliance, with nearly 60% of all ALERT users reaching more than 80% compliance.
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