Category: Digital Asset Management

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OpsCheck has helped crypto-fintech company Quoine improve customer support, operations, and compliance. The solution has also made Head of Customer Support Jason Gunn’s job much easier. 

Gunn uses OpsCheck to assign and share tasks with the Japan-based firm’s 25 professionals, check on their progress, and manage workflows as they oversee their cryptocurrency exchange. “I don’t need to rush around and check spreadsheets and check email threads,” said Gunn. “I can just go to OpsCheck and see what the team has been doing. From a management and process-handling understanding of where things are at, it’s very, very helpful.”  

For example, Gunn and other executives now have a more streamlined corporate onboarding experience. When they want to sign up a new client for their services, Quoine and the new client need to follow as many as 10 different steps, a time-consuming manual process. Before OpsCheck, teams had to remember these steps and the necessary order for their completion. It was easy to miss steps. If one person failed to complete a step, the whole process might grind to a halt. 

With OpsCheck, Gunn can create entirely new processes that his team can easily follow, from step one to step 10. OpsCheck can also set tasks in the correct order, locking and unlocking tasks so that one is dependent on another to be completed. Nobody can jump ahead unless they are following the correct sequence. 

“Before we used OpsCheck, we had one person do our corporate onboarding. And that was mainly just because it was easier to have one person focus on that task,” said Gunn. “Now I’ve been able to add an additional three people to that task because it’s so much easier to train and manage them. We’re using a proper workflow management tool.” 

That strict order also provides an ideal record for auditing and compliance. Firms have their workflows in their possession, at their fingertips. 

Gunn mostly uses OpsCheck to monitor and manage shift and team leads as well as stay on top of his own work during the day. His dashboard is full of operations and processes that entail multiple steps that must be taken in a specific order. The software has increased his efficiency and reduced the time he’s spent following up with his team. “It helps just overall manage how everybody is performing and ensure things don’t get missed,” he said. 

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Success and change in the financial industry have always been driven by three major forces: client demands, business competition, and innovation. With the advent of the internet, these pressures increased dramatically as clients and customers demanded fast quality services and regulators and auditors expanded asset managers’ obligations.

For financial service firms, the trick has been finding the sweet spot between innovation risk and tried-and-true security measures. As digital technology efforts have fast replaced time-honored personal interactions, businesses have had to innovate while not disrupting their core competencies in products and services.

For larger, global firms, this challenge has meant developing long-term, strategic planning that exploits digital technology, balanced against the need to pivot quickly when market changes demand.

 

Digital Transformation Has Enhanced Data Analytics

As the financial industry has moved to more software solutions to support their technology needs, they have gained enormous competitive advantages by tapping into the data produced. Everything from asset management trading volumes and pricing to banking credit processing to insurance underwriting now produces information. This is the data about markets and clients that drives strategic planning and produces insights that lead to competitive advantages.

Financial firms are not only understanding their businesses better, they are also understanding their clients better. All this new data has led to innovations in the mobile market to reach customers where they live today with the products and services they expect. Organizations are also able to analyze underlying market forces, aggregating vast amounts of data about stock pricing, market movements, geopolitical events, and sophisticated quantitative analysis of potential investments.

 

Digital Transformation Has Restructured Management

Whether a firm is large or small, new technologies have created new approaches for businesses to manage not only data, but the organizational structure that interacts with it. The finance industry continues to be under pressure to speed up, keep costs down, and improve results.

The answer has been to deal with technological advances with more technology. Firms are finding ways to push their data analytics and solutions out to their staff and clients in usable, on-market ways that keep costs down by automating as much interaction as possible.

Internally, business decisions and work can be viewed and shared in real time, eliminating wait times for other areas to do their work. Essentially, work silos are vanishing as staff are able to access the resources they need without requiring in-person permissions or manual administrative processes that slow productivity down. This accessibility produces a high efficiency in production and reduced overhead costs as fewer staff is needed to administer the data and its processing.

 

Digital Transformation Has Helped Clients

Externally, a new collaborative effort has risen between businesses and their clients and customers. Through online portals, clients now have the ability to utilize streamlined access to their personal information that would otherwise require human interaction. They are able to access business performance, learn about news and updates, and initiate changes to their accounts all on their own.

Onboarding for various activities – which can be defined as anything from a customer opening a new account to new hires going through an initial human resources process – can now be handled efficiently with fewer errors or missed steps through self-help automation.

The key takeaway for all these benefits is more work completed with less staff time needed.

 

Digital Transformation has Unleashed Business Innovation

Without digital technology, the volume of new information and the ability to analyze it would be unmanageable. Financial management firms are finding new ways to drill into their data troves with computer analytics that can spot trends, gaps, successes, and failures on a more granular level than a team of analysts could hope to do, and they can do it faster and more robustly. The analysts can then focus their attention on what to do with this information rather than struggle to determine if it exists.

Among the primary concerns all financial asset managers face, new demands for data security, auditable procedures, and strict adherence to a variety of government and regulatory agencies world-wide have become paramount.

Digital technologies themselves have benefited from this need through the demand for tighter security measures such as blockchain technologies that build trust and confidence. Advances in machine learning (ML) and artificial technology (AI) platforms have become a part of strategic planning and allowed financial institutions to take control of their business directives that are uniquely their own.

 

Digital Transformation Needs Workflow Management

With the variety of new technologies deployed within a single firm, C-level executives are finding they require better oversight of the functioning of their firms. Workflow management platforms have become the answer. With so much of financial asset management moving into cloud-based technologies, workflow has now joined it.

The Covid-19 pandemic accelerated this need since it has necessitated a decentralization of office space and workers. Managers and supervisors are now finding new ways to monitor the work of individuals as well as demanding the ability to have an overall sense of how the organization is functioning.

Workflow management platforms are meeting the demands for both broad and focused oversight for project management, compliance issues, risk control, client relations, data security, and more. Software systems that can incorporate as much as the firm’s administrative oversight – including integrating with third-party vendors and software – now provide the ability for management staff to keep apprised of workflow.

 

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After five months of review, the SEC’s Office of Compliance Inspections and Examinations (OCIE) has released a Risk Alert regarding compliance and process protocols during the era of COVID-19. As the pandemic continues, investment management firms have been challenged to maintain the high-quality service and standards their clients and the SEC demand.

OCIE Identifies Six Areas of Concern

Firms should take time to review:

• protection of investors’ assets
• supervision of personnel
• practices relating to fees, expenses, and financial transactions
• investment fraud
• business continuity
• the protection of investor and other sensitive information

In this series, you’ll get a detailed breakdown of each of these six areas of concern.

Protection Of Investor and Other Sensitive Information

With the move to remote working environments due to COVID 19, automated data systems as well as communications platforms have become critical tools for the continued functioning of asset management firms.

As part of the firm’s security measures, regular reviews and testing of technology systems should be incorporated. OpsCheck can support staff coordinate these efforts by tracking who or what is accessing software, files, and third-party vendors.

Increased remote access to systems also leads to increased opportunity for unauthorized personnel and even malicious hackers to gain access to sensitive information or, worse, client accounts themselves.

Tighten Up Security

In the current business environment, firms should consider heightening security measures, including frequent review of password integrity policies, the status of authorized persons, and stringent application of permissions tools.

OpsCheck can be tailored to allow administrative access for specific individuals at a granular level in order to protect intrusion of private personal data, administration authority, or third-party applications that may cause vulnerabilities.

Firms should also remember that their third-party vendors and application support are also experiencing the challenge of increased remote work for their own staff. The SEC and government regulations increasingly hold asset managers responsible for compliance-related issues of their third-party goods and services.

Since the pandemic is a global phenomenon, firms must keep alert and apprised of issues that may be system critical in far-flung countries as well, both for their own business practice but for potential investment opportunities.

Looking to protect your data? OpsCheck brings the best parts of innovative software to a centralized product focused on security and risk management.

 

Watch our founder Frank Caccio break down the latest product offering in his demo:

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Business growth can take on many different metrics that contribute to the success of a business. You may want to increase your client base, sell more products or services, innovate new products, or simply make more revenue. Your metrics for success will mean different things, almost always in relation to hitting goals or achieving your mission.

What these factors have in common is the need to be able to meet the challenge of growing your business. You will need to plan your start-up or evaluate your current state, define your goals, and invest in technology that can adapt over time. In other words, your business must be scalable.

 

What Does it Mean to Have a Scalable Business?

At its simplest definition, a scalable business is one that can deliver services or products to an increasing client base without increasing overhead at the same rate. In other words, if it costs X dollars to increase revenue by the same or near-same X dollars in overhead, the business model is not scalable.

In an ideal scenario, a scalable business model should increase revenue growth without significantly increasing costs. Your business process should reflect the need to outpace costs over time with new revenue growth.

 

How Does a Consulting Business Become Scalable?

Consulting businesses advise and provide guidance in specialized areas for everything from technology and finance, to accounting and human resources. They expand by acquiring clients as opposed to selling products. As the client base expands, the service support must expand with it.

Technological automation has shown to be the best solution for consultant scalability. Automation increases efficiency – meaning time spent on routine tasks is reduced. Managers and team members can then focus more on specific client-related issues.

For example, a worker needs to report the performance of a client account. Each client account must be individually checked and the figures inserted in a report. With each additional client, the overall time to perform that task increases. The only way to scale that process is to increase staff – a huge cost for a minor task.

With installed software, the account information is automatically pulled from one system and inserted into a pre- existing report. The task has become a single click of a mouse – i.e., tell the software to execute – the job is done for a thousand clients in the same amount of time as one client. That kind of automation represents scalability that does not increase the cost to a consultant as their client base increases.

 

Automation of Tasks Increases Scalability

While automation increases scalability, the automation itself needs to be up to the challenge as well. Obvious differences in needs exist for different size firms, but flexibility in support systems is key for all.

Planning your support automation is critical if you want to be scalable. For instance, a smaller firm may not feel it needs a fully automated human resources component to its process yet. The ability to add one to the existing process in the future rather than create a new one from scratch is vital for cost-savings.

By using data management software, new areas for information- sharing and tracking can be integrated over time. These systems provide a necessary scalability without limitation as your company grows.

Your platform should also gather information from different systems in one place, enabling people across multiple offices to access each other’s work as necessary. This again, is a scaling of effort that offers minimal increases in work- hours while allowing a client base to grow.

Many different software solutions exist to address specific task needs. Where true scalability comes into play is gathering these discrete solutions under one, uniform platform. A robust solution can do this because it can be tailored with a flexibility that enables business growth in a near-limitless fashion.

As you review your business needs, always keep in mind that your underlying technology systems need to support your scalability.

 

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Once upon a time, a “paper trail” meant just that – a comprehensive record of a process, its implementation, the results and the letters and reports that supported and analyzed them – all on paper. Today, of course, the means for archiving data and information have exploded in multiple directions.

Paper trails now come in the form of an email, software files, voicemails, and personal digital devices. Maintaining an accurate record of the history of process has become more complex – and more critical when it comes to compliance regulations.

Document Management Demands Priority

Transparency has become the byword in the asset management world for clients, staff, and regulators of all stripes. The sharing of information with accuracy, accessibility and security builds trust amongst staff, as well as between a firm and its clients.

In the past, teams within a firm would work independently, creating information silos that were not beneficial to the sharing of information. Trust – shown by studies to be key to successful process management – would fail, due to lack of recognition for the demands of open communication.

Individual teams, of course, will always have primary responsibility for their area of expertise. Asset managers will create strategies. Operations monitors the risk controls and execution, while client service provides strong client support.

Meanwhile, the compliance regime will assure adherence to laws and regulations. Marketing will get the word out to current and prospective clients, and support staff will handle the smooth flow of administrative matters.

Teams Will Always Overlap

However, all of these areas overlap in some way. The same data and information is required to do different parts of the asset management process. Interaction is shared via the information technology platforms that demand a network of data-sharing, company-wide.

A firm-wide, global approach to document management allows data and information to break free of silos. Only then can it become a unified, accurate tool for high performance on all levels. With a platform that provides one source for all data, designated users can be assured they have the accurate data they need.

This enables client functions to be carried out confidently since they are assured of working with the latest version of information. A critical component is added when the history and actions of each process – from start to finish – are recorded. Not only can data be found but any errors can be traced and the management of the process reviewed.

Technology Provides Seamless Integration

With today’s software tools, you can have full visibility and complete oversight of all your business processes. The right program will eliminate silos and allow for seamless communication. Cloud-based technology brings proven advances in task, project and workflow management in a single solution. No more spreadsheets, emails or Outlook are needed for managing your business operations.

Operational risk is mitigated by a compliance control, operations and oversight platform that enhances communication, gives full transparency, and makes everyone accountable. It’s easy to get started, easy to operate and cost effective.

Ours is the only system designed by veteran finance professionals to solve the industry-specific problems face by financial organizations. Your internal and external stakeholders will appreciate its value.

Why not join the many reputable firms that have already subscribed? OpsCheck promotes a culture of Operational Excellence!

 

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