Common Questions About OpsCheck Answered

[et_pb_section fb_built=”1″ _builder_version=”3.22″][et_pb_row _builder_version=”4.9.3″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” custom_margin=”-50px||||false|false”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_code _builder_version=”4.9.3″ _module_preset=”default”]

[/et_pb_code][et_pb_social_media_follow _builder_version=”4.9.3″ _module_preset=”default”][et_pb_social_media_follow_network social_network=”linkedin” url=”https://www.linkedin.com/company/opscheck/” _builder_version=”4.9.3″ _module_preset=”default” background_color=”#007bb6″ follow_button=”off” url_new_window=”on”]linkedin[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”twitter” url=”https://twitter.com/_opscheck” _builder_version=”4.9.3″ _module_preset=”default” background_color=”#00aced” follow_button=”off” url_new_window=”on”]twitter[/et_pb_social_media_follow_network][/et_pb_social_media_follow][et_pb_text _builder_version=”4.9.3″ text_font=”Roboto Condensed||||||||” text_font_size=”18px” text_letter_spacing=”0.4px” header_font_size=”32px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″ sticky_enabled=”0″]

Hi. I’m Frank Caccio, founder of OpsCheck. If you’re considering adopting our solution, we know you’ll have thoughts and concerns. Let’s review some frequently asked questions.

Our teams are already busy, will OpsCheck add a lot of work to the day?

OpsCheck requires just a modest effort from any individual and takes very little time. In return, you receive a long list of benefits. 

How do teams feel about having managers watching teams’ work progress through the solution?

When it comes to people being concerned about Big Brother watching, any good employee will understand the big picture and not worry about being held accountable for their work. 

How long does it take to onboard and learn to use OpsCheck?

Onboarding is quick and easy. OpsCheck provides full support. Learning how to use OpsCheck is a breeze, especially once you start adding the specific tasks that the teams recognize and start using their internal jargon for lists and activities. The solution resonates very quickly. Take a look at the testimonial videos on our website to hear how clients support this claim.

How is my data in OpsCheck protected?

Of course, security is key. After spending 25 years in the hedge fund industry, we clearly understand the importance of data protection and privacy for our clients. OpsCheck uses Microsoft Azure for cloud services to store data. Client data in Azure is encrypted. We enforce two-factor authentication whenever accessing client data.

How does OpsCheck handle reassigning work and coordinating teams in different time zones?

In addition to assigning and reassigning work to individuals, you can assign work to a group or team of people. OpsCheck can then timestamp and distinguish who did the job and on what day and time. People working in various time zones and from home can easily synchronize their work efficiently since everyone is working with the same central repository of tasks.

How much support does OpsCheck supply? 

All OpsCheck subscriptions include full support, and we’re available to help with uploading any work, providing guidance, or additional training. However, for every function that an OpsCheck administrator performs, our clients have a corresponding user interface where they can do it themselves. So once our clients are trained, they typically manage themselves and mainly contact us either for additional demos of the solution for other parts of the firm or strategy questions. We also include a full audit trail for any functionality, so our clients have full transparency of their work.

Does OpsCheck interface with other applications?

Yes. OpsCheck has an API that gives clients the ability to connect with other applications. It’s designed to help with two main use cases, but can be used for others. One streamlines the process so that users are not required to sign off on completed work in more than one application. The other automatically creates a task and assigns it to a user if another application requires immediate attention. We also provide various ways to extract client data. Additionally, we have built an OpsCheck add-in right to Microsoft Outlook.

How much does OpsCheck cost?

We believe that OpsCheck is fairly priced and adds great value. With OpsCheck, we combine features from task, project, and workflow applications into one single tool so that you can avoid costly errors, quickly resolve problems, and positively influence either prospective clients, regulators, and/or auditors. Those features are in addition to the solution’s primary purpose, which is to increase efficiency, enhance productivity, and make everyone accountable.

Check out the testimonial videos on our website from our clients around the globe. You’ll hear how OpsCheck has improved their operations. I would love an opportunity to hear from you whether you want to schedule a demo or simply learn more. Thanks

[/et_pb_text][et_pb_text _builder_version=”4.9.3″ text_font=”Roboto Condensed||||||||” text_font_size=”18px” text_letter_spacing=”0.4px” header_font_size=”32px” background_size=”initial” background_position=”top_left” background_repeat=”repeat”]

Start your risk-free 60-day trial of OpsCheck by filling out the form:

[/et_pb_text][et_pb_code _builder_version=”4.9.3″ _module_preset=”default”]

[/et_pb_code][et_pb_social_media_follow follow_button=”on” admin_label=”Follow us” _builder_version=”4.9.3″ _module_preset=”default”][et_pb_social_media_follow_network social_network=”linkedin” url=”https://www.linkedin.com/company/opscheck/” _builder_version=”4.9.3″ _module_preset=”default” background_color=”#007bb6″ follow_button=”on” url_new_window=”on”]linkedin[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”twitter” url=”https://twitter.com/_opscheck” _builder_version=”4.9.3″ _module_preset=”default” background_color=”#00aced” follow_button=”on” url_new_window=”on”]twitter[/et_pb_social_media_follow_network][/et_pb_social_media_follow][/et_pb_column][/et_pb_row][/et_pb_section]

The OpsCheck Vision

[et_pb_section fb_built=”1″ _builder_version=”3.22″][et_pb_row _builder_version=”4.9.3″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” custom_margin=”-50px||||false|false”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_code _builder_version=”4.9.3″ _module_preset=”default”]

[/et_pb_code][et_pb_social_media_follow _builder_version=”4.9.3″ _module_preset=”default”][et_pb_social_media_follow_network social_network=”linkedin” url=”https://www.linkedin.com/company/opscheck/” _builder_version=”4.9.3″ _module_preset=”default” background_color=”#007bb6″ follow_button=”off” url_new_window=”on”]linkedin[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”twitter” url=”https://twitter.com/_opscheck” _builder_version=”4.9.3″ _module_preset=”default” background_color=”#00aced” follow_button=”off” url_new_window=”on”]twitter[/et_pb_social_media_follow_network][/et_pb_social_media_follow][et_pb_text _builder_version=”4.9.3″ text_font=”Roboto Condensed||||||||” text_font_size=”18px” text_letter_spacing=”0.4px” header_font_size=”32px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″ sticky_enabled=”0″]

I’m Frank Caccio, the founder of OpsCheck. Early in my career, I was fortunate to work at Tiger Management. It was the premier hedge fund at the time. I had great mentors as well. They demonstrated integrity, leadership, and a great work ethic. That foundation and my passion for improving operations inspired me to create OpsCheck.

As I ran global operations at other major hedge funds, I realized how challenging it was to wrap your arms around every job, every person responsible, and every deadline. Operations managers needed an easier way to control and oversee processes and people to mitigate risk. I also wanted to transform operations managers to become more proactive rather than reactive, to help them anticipate problems and mitigate them before they happen – rather than reacting to fire drills.

So I created OpsCheck. Then someone gifted me a book called The Checklist Manifesto. OpsCheck is more than a checklist. But the book’s main theme was relatable. You see, author Atul Gawande emphasizes how checklists are critical in the medical, engineering, and aviation industries. The consequences of not following strict processes when you’re in the operating room or flying on a jet can be catastrophic. In the financial world, the consequences of operational failures and errors can also be extremely serious. They can cost jobs, money, and reputations, and draw regulatory scrutiny.

I was repeatedly seeing firms forced to close due to operational failures that better adherence to checklists could have prevented. The vision behind OpsCheck was to create a simple checklist-driven solution that delivered powerful results and helped firms thrive.

If you can ensure that every job gets done, every deadline is met, and make people accountable for the completion of their work, the benefits will be tremendous. You’ll quickly avoid costly errors, quickly resolve problems, and positively influence regulators, auditors, and prospective clients as they will recognize the command you have of your operations.

Bill Belichick, considered to be the greatest football coach ever, has used this mantra for years: If everyone does their job, the whole team will be successful. I want operations managers and their teams to be successful. I have a passion for this work because building and improving operations is what I’ve done my whole professional life.

Check out the testimonial videos on our website. You’ll hear how OpsCheck has approved operations for my clients around the globe. I would love an opportunity to hear from you whether you want to schedule a demo or simply learn more.

[/et_pb_text][et_pb_text _builder_version=”4.9.3″ text_font=”Roboto Condensed||||||||” text_font_size=”18px” text_letter_spacing=”0.4px” header_font_size=”32px” background_size=”initial” background_position=”top_left” background_repeat=”repeat”]

Start your risk-free 60-day trial of OpsCheck by filling out the form:

[/et_pb_text][et_pb_code _builder_version=”4.9.3″ _module_preset=”default”]

[/et_pb_code][et_pb_social_media_follow follow_button=”on” admin_label=”Follow us” _builder_version=”4.9.3″ _module_preset=”default”][et_pb_social_media_follow_network social_network=”linkedin” url=”https://www.linkedin.com/company/opscheck/” _builder_version=”4.9.3″ _module_preset=”default” background_color=”#007bb6″ follow_button=”on” url_new_window=”on”]linkedin[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”twitter” url=”https://twitter.com/_opscheck” _builder_version=”4.9.3″ _module_preset=”default” background_color=”#00aced” follow_button=”on” url_new_window=”on”]twitter[/et_pb_social_media_follow_network][/et_pb_social_media_follow][/et_pb_column][/et_pb_row][/et_pb_section]

OpsCheck Testimonial: Cyrus Borzooyeh

[et_pb_section fb_built=”1″ _builder_version=”3.22″][et_pb_row _builder_version=”4.9.3″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” custom_margin=”-50px||||false|false”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_code _builder_version=”4.9.3″ _module_preset=”default”]

[/et_pb_code][et_pb_social_media_follow _builder_version=”4.9.3″ _module_preset=”default”][et_pb_social_media_follow_network social_network=”linkedin” url=”https://www.linkedin.com/company/opscheck/” _builder_version=”4.9.3″ _module_preset=”default” background_color=”#007bb6″ follow_button=”off” url_new_window=”on”]linkedin[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”twitter” url=”https://twitter.com/_opscheck” _builder_version=”4.9.3″ _module_preset=”default” background_color=”#00aced” follow_button=”off” url_new_window=”on”]twitter[/et_pb_social_media_follow_network][/et_pb_social_media_follow][et_pb_text _builder_version=”4.9.3″ text_font=”Roboto Condensed||||||||” text_font_size=”18px” text_letter_spacing=”0.4px” header_font_size=”32px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″ sticky_enabled=”0″]

As the Chief Financial Officer of an alternative investment firm that has been in the industry for more than 20 years, Cyrus Borzooyeh used to manage tasks and follow-up reminders with Excel, Outlook, and other software. Then he found OpsCheck.  

Borzooyeh’s previous task manager software was clunky and required too much manual work. Rather than automatically coordinating tasks between team members, he would need to remember to send reminders and follow-ups to colleagues to get things done. 

With OpsCheck, it’s easy to set timetables for reminders and follow-ups with clients, partners, colleagues, and employees. Today, the CFO uses OpsCheck to ensure that investment analysts send the information necessary, on time, to make valuations for direct private investments. 

“OpsCheck automatically sends emails to folks to remind them that a task is still open – so please, you know, get it done,” said Borzooyeh, who has deployed OpsCheck for more than seven years. 

OpsCheck is a “set it and forget it” workflow management software. Users list recurring tasks that need to get done, who needs to do them and when, who is performing the task, who is overseeing it, and whatever details are necessary for their financial business. It automatically notifies important decision-makers when teams miss deadlines, too. 

Scheduling is also flexible. Daily, monthly, quarterly, and annual tasks, prompts, and notices can be set up with parameters that make it easy. Reports for investors, portfolio managers, taxes, and compliance can be automatically scheduled to meet deadlines. 

“Once that’s done, it’ll just go,” said Borzooyeh. 

OpsCheck is a cloud-based Saas technology. Borzooyeh’s firm doesn’t worry about software on their premises, upgrades, and other distractions, saving time. 

“A lot of people like to hire people to track things or else important work will slip through the cracks,” said Borzooyeh. “If you like to save time and money and make things easier, I recommend OpsCheck.”

[/et_pb_text][et_pb_text _builder_version=”4.9.3″ text_font=”Roboto Condensed||||||||” text_font_size=”18px” text_letter_spacing=”0.4px” header_font_size=”32px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″ sticky_enabled=”0″]

Start your risk-free 60-day trial of OpsCheck by filling out the form:

[/et_pb_text][et_pb_code _builder_version=”4.9.3″ _module_preset=”default”]

[/et_pb_code][et_pb_social_media_follow follow_button=”on” admin_label=”Follow us” _builder_version=”4.9.3″ _module_preset=”default”][et_pb_social_media_follow_network social_network=”linkedin” url=”https://www.linkedin.com/company/opscheck/” _builder_version=”4.9.3″ _module_preset=”default” background_color=”#007bb6″ follow_button=”on” url_new_window=”on”]linkedin[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”twitter” url=”https://twitter.com/_opscheck” _builder_version=”4.9.3″ _module_preset=”default” background_color=”#00aced” follow_button=”on” url_new_window=”on”]twitter[/et_pb_social_media_follow_network][/et_pb_social_media_follow][/et_pb_column][/et_pb_row][/et_pb_section]

Understanding and Reducing Operational Risk

[et_pb_section fb_built=”1″ custom_padding_last_edited=”on|” _builder_version=”3.22″ custom_padding=”0px||2.5%|” custom_padding_tablet=”” custom_padding_phone=””][et_pb_row _builder_version=”3.25″ module_alignment=”center”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_image alt=”What is consulting in Workflow Management?” title_text=”consulting in Workflow Management” align=”center” align_tablet=”center” align_phone=”” align_last_edited=”on|desktop” _builder_version=”4.9.3″ custom_margin=”-15vw|||” custom_margin_tablet=”-20vw|||” custom_margin_phone=”” custom_margin_last_edited=”on|tablet” always_center_on_mobile=”on”][/et_pb_image][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ module_class=”mid-width” _builder_version=”3.22″ custom_padding=”10px|2px|65px|0″][et_pb_row custom_padding_last_edited=”on|phone” _builder_version=”3.25″ custom_padding_tablet=”” custom_padding_phone=””][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_social_media_follow url_new_window=”off” disabled_on=”off|off|off” module_class=”share-soc” _builder_version=”3.0.106″][et_pb_social_media_follow_network social_network=”facebook” url=”https://www.facebook.com/” _builder_version=”3.0.106″ custom_css_main_element=”display: none;” follow_button=”off” url_new_window=”off”]Facebook[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”linkedin” url=”https://www.linkedin.com/company/opscheck/” _builder_version=”3.0.106″ follow_button=”off” url_new_window=”off”]LinkedIn[/et_pb_social_media_follow_network][/et_pb_social_media_follow][et_pb_text _builder_version=”4.9.3″ text_font=”Roboto Condensed||||||||” text_font_size=”18px” text_letter_spacing=”0.4px” text_line_height=”1.8em” background_size=”initial” background_position=”top_left” background_repeat=”repeat” custom_margin=”||60px|” hover_enabled=”0″ sticky_enabled=”0″]

Although financial organizations have known about operational risk since business began, its only been an independent discipline for the last two decades. It still took a financial crisis and the ensuing flood of regulatory and enforcement fines and actions to propel operational risk into the spotlight of the financial industry’s concerns.

The operational risk weaknesses exposed by the crash of 2008 forced the finance sector to institute more robust identification and assessment methods for risk. And, the creation of better controls and control-testing processes resulted. But, despite this, operational risk losses still remain high.

Why? And what can finance professionals do to reduce their firm’s exposure to this type of risk?

 

What is Operational Risk?

In the finance industry, the Risk Management Association (RMA) defines operational risk as “the risk of loss resulting from inadequate or failed internal processes, people, and systems, or from external events, but is better viewed as the risk arising from the execution of an institution’s business functions.”

While the industry has made progress since the last crisis, there are several reasons why managing operational risk is fundamentally problematic.

For example, take financial risk, which involves market or credit riskrelatively straightforward. Not so with operational risk, where many different categories and sub-categories of risk exist.

Operational risk can occur from:

  • Internal factors and fraud
  • Data breaches and cyber crime
  • Products and business practices
  • Clients, third-party vendors, and service providers
  • Compliance failures
  • Linked to execution and delivery
  • Business disruption and natural disasters

Any risk that can disrupt or change how a company conducts its day-to-day working process is an operational risk. This would also include any threat to an organization’s reputation or finances.

The fact is that operational risk is impossible to eliminate. Unlike other risk typesmarket risk, credit riskit isn’t usually deliberately incurred. But, because systems, processes, and people aren’t perfect, operational risk is ever-present.

From global financial giants to small local accounting practices and independent consultants, operational risk is a fact of life for every finance operation.

 

Reducing Operational Risk

The field of Operational Risk Management (ORM) focuses on diminishing risk related to the daily operations of a business. This is called operational risk mitigation.

Nevertheless, how can the average financial firm protect itself against these ever-present threats? The answer is to take a proactive approach, tighten up areas of concern, and remove known risks associated with the company’s day-to-day operations.

Successfully managing operational risk posits that predicting, preparing, and identifying potential weaknesses ahead of time will reduce risk. Streamline processes, remove friction points, and centralize communications to lessen these hazards.

While risk can never be wholly eliminated, technology has given us an arsenal of weapons to help control operational risk. But first, a firm needs a company-wide commitment to transparency and oversight of its activities and operations to manage risk successfully.

 

How to Get the Tools You Need

Managing risk well was easier said than done ten years ago, but now with the latest technology and tools available to the finance industry, things have changed. Today, firms can measure and manage operational risk through granular data.

The prerequisite is to set up and activate an automated system. The wisest choice should be cloud-based (for security), easy to implement, and provide both oversight and transparency.

Workflow automation has given businesses the ability to detect risk with affordable, real-time, data-driven monitoring. But first, you need to capture the data. And here, the data you need for analysis and record-keeping is all recorded, accessible through your workflow and project management platform.

 

What Automated Communication and Data Systems Offer

Every finance firm needs an automated data system in place. With the uptick in remote work environments, these have become critical tools for the continued functioning of finance organizations worldwide.

Within an organization, a proper communications channel is essential. Every member of the team should be able to communicate with the rest of the staff. A centralized communications hub allows all stakeholders to work seamlessly together.

Regular testing and rev of technology structures is a critical element of a company’s security measures. An automated system helps coordinate these efforts by tracking access to software, files, and third-party vendors.

In the current business environment, it’s important to tighten up security measures. Password integrity, authorized personnel status, and application of permissions tools should be regularly reviewed.

The best systems allow managers to set administrative access for specific individuals at a granular level. This protects private personal data and administration authority and controls third-party applications that may cause vulnerabilities.

 

Automated Software, Lockdowns, and Transparency

As the pandemic impacted the world, business continuity and disaster recovery plans were suddenly in the spotlight. Lockdowns and stay-home orders have caused companies to implement their plans revealing overlooked problems, weak responses, and unexpected consequences.

Having a primary communications hub on a shareable platform will keep your staff in the loop during business disruptions. This closed system for internal company communications is one of the essential tools provided by a workflow and project management platform.

With an electronic paper trailautomatically maintainedyour business demonstrates a commitment to regulatory compliance. Guard against any legal risks by reviewing fee calculations, valuation procedures, and the accuracy of disclosures.

Due diligence has also become remote-based, requiring deeper scrutiny of third-party services and relationships.

A workflow management tool should address these problems with a range of features, flexibility, and scalability.

An application that encompasses operations and compliance control and oversight will mitigate operational risk. When your platform offers complete transparency and enhances communication, everyone becomes accountable.

Your business needs a system delivering proven advances in task, project, and workflow management in a single cloud-based tool. The perfect solution is a platform designed by finance professionals for the finance industry.

OpsCheck gives firms the ability to reduce operational risk while enhancing organizational value, security, and flexibility. Streamline your business and achieve operational excellence with OpsCheck.

 

 

 

 

 

[/et_pb_text][et_pb_social_media_follow url_new_window=”off” module_class=”share-soc” _builder_version=”3.0.106″][et_pb_social_media_follow_network social_network=”facebook” _builder_version=”3.0.106″ custom_css_main_element=”display: none;” follow_button=”off” url_new_window=”off”]Facebook[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”linkedin” _builder_version=”3.0.106″ follow_button=”off” url_new_window=”off”]LinkedIn[/et_pb_social_media_follow_network][/et_pb_social_media_follow][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”on|desktop” module_class=”bottom-banner” _builder_version=”3.22″ background_color_gradient_direction=”168deg” background_image=”https://opscheck.com/wp-content/uploads/2020/02/base.png” background_position=”center_left” custom_padding=”55px||55px|” custom_padding_tablet=”68px||68px|” custom_padding_phone=””][et_pb_row custom_padding_last_edited=”on|desktop” _builder_version=”3.25″ custom_padding=”0px||20px|” custom_padding_tablet=”0px||15px|” custom_padding_phone=””][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”3.27.4″ text_font_size=”18px” text_letter_spacing=”0.4px” header_text_align=”center” header_text_color=”#ffffff” header_font_size=”32px” header_2_font=”Catamaran||||||||” header_2_font_size=”38px” header_2_letter_spacing=”1.2px” header_2_line_height=”1.1em” text_orientation=”center” background_layout=”dark” header_2_font_size_tablet=”28px” header_2_font_size_phone=”” header_2_font_size_last_edited=”on|desktop” header_2_letter_spacing_tablet=”0.9px” header_2_letter_spacing_phone=”” header_2_letter_spacing_last_edited=”on|tablet” header_2_line_height_tablet=”” header_2_line_height_phone=”” header_2_line_height_last_edited=”on|tablet”]

See how OpsCheck can upgrade your Business Operations

[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row custom_padding_last_edited=”on|desktop” module_class=”banner-cta bn-btns” _builder_version=”3.25″ custom_padding=”||0px|” custom_padding_tablet=”” custom_padding_phone=””][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_button button_url=”#contact” button_text=”Try for free” module_class=”inline-btn try-for-free-modal” _builder_version=”3.16″ custom_button=”on” button_text_size=”21px” button_bg_color=”rgba(47,47,63,0.93)” button_border_color=”#00e8d8″ button_icon=”%%20%%” background_layout=”dark” custom_margin=”|||” custom_padding=”|50px||50px” custom_css_main_element=”display: inline-block;” button_bg_color_hover=”#565656″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”on” button_bg_color__hover=”#565656″ button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_button][et_pb_button button_url=”#contact” button_text=”Book a Demo” module_class=”inline-btn book-a-demo-modal” _builder_version=”3.16″ custom_button=”on” button_text_size=”21px” button_text_color=”#ffffff” button_bg_color=”#03bbce” button_border_color=”#ffffff” button_icon=”%%20%%” background_layout=”dark” custom_margin=”|||” custom_padding=”|50px||50px” custom_css_main_element=”display: inline-block;” button_bg_color_hover=”#565656″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”on” button_bg_color__hover=”#565656″ button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_button][/et_pb_column][/et_pb_row][/et_pb_section]

All About Audit Trails: What You Need to Know

[et_pb_section fb_built=”1″ custom_padding_last_edited=”on|” _builder_version=”3.22″ custom_padding=”0px||2.5%|” custom_padding_tablet=”” custom_padding_phone=””][et_pb_row _builder_version=”3.25″ module_alignment=”center”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_image alt=”What is consulting in Workflow Management?” title_text=”consulting in Workflow Management” align=”center” align_tablet=”center” align_phone=”” align_last_edited=”on|desktop” _builder_version=”4.9.3″ custom_margin=”-15vw|||” custom_margin_tablet=”-20vw|||” custom_margin_phone=”” custom_margin_last_edited=”on|tablet”][/et_pb_image][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ module_class=”mid-width” _builder_version=”3.22″ custom_padding=”10px|2px|65px|0″][et_pb_row custom_padding_last_edited=”on|phone” _builder_version=”3.25″ custom_padding_tablet=”” custom_padding_phone=””][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_social_media_follow url_new_window=”off” disabled_on=”off|off|off” module_class=”share-soc” _builder_version=”3.0.106″][et_pb_social_media_follow_network social_network=”facebook” url=”https://www.facebook.com/” _builder_version=”3.0.106″ custom_css_main_element=”display: none;” follow_button=”off” url_new_window=”off”]Facebook
[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”linkedin” url=”https://www.linkedin.com/company/opscheck/” _builder_version=”3.0.106″ follow_button=”off” url_new_window=”off”]LinkedIn
[/et_pb_social_media_follow_network][/et_pb_social_media_follow][et_pb_text _builder_version=”4.9.3″ text_font=”Roboto Condensed||||||||” text_font_size=”18px” text_letter_spacing=”0.4px” text_line_height=”1.8em” background_size=”initial” background_position=”top_left” background_repeat=”repeat” custom_margin=”||60px|”]

Did you know that well-maintained audit trails indicate a high standard of operational oversight?

From the IT staff to top management, effective audit trails call for a company-wide dedication to excellence in compliance management.

With the shift away from manual logs to digital automation, we can obtain audit trails that are easily accessible, precise, and useful. As a result, firms are better able to dodge threats and red-flag potential hazards.

When your company needs answers, a meticulous, clearly-defined audit trail will provide the evidence to untangle the issues.

 

What Are Audit Trails?

Audit trails are a set of records documenting the sequence of actions over the lifespan of a specific event, process, or procedure. Simply put, an audit trail is the chronological record of a transaction from start to finish, where every step is traceable and verifiable.

These records manual or electronic are used by firms to support operations, back-up security, and minimize operational risk. An audit trail helps auditors or administrators ensure operational integrity and regulatory compliance.

Industries in the finance sector like brokerage firms, fund managers, and accountants rely on audit trails to provide a step-by-step view of events. Actions and outcomes can be validated because the records show every detail of a transaction, such as users, dates, and times.

 

Audit Trails in Action

Organizations use audit trails for many different purposes. One company will use it for budget projections into the future, another for reconciliation. If a firm is initiating an investigation, the audit trail becomes a “baseline” for an audit. Businesses also use audit trails for historical information, risk management, and compliance.

For example, in accounting, audit trails can verify transactions that compute a firm’s revenue, net earnings, or earnings per share. The final figures and their elements can be double-checked in the log to confirm the closing numbers.

Mortgage lenders will use an audit trail to confirm the origin of down payment funds. They may want the bank statement showing where funds were deposited in the account and ask for further proof of the monies’ source.

 

Follow the Trail for Answers

As all audit trails record basic information, auditors and regulators can trace the whole path of events to their origin. This may comprise administrator actions, attempted logins, data access, user actions, or automatic system events.

Organizations define the elements contained in their audit records to answer these questions:

  • What was the event?
  • What application, system, or user-initiated the event (may include IP address/device type in the data)
  • When did the event occur? (date and time)

Some audit trails go beyond and catalog actions on a deeper level than a simple system or application setup. It isn’t uncommon for IT departments to use several audit trails defined by a system, an application, or an event.

Logs like these can pinpoint specific elements such as hard-to-spot changes to a database or the information contained in it. Dodgy email usage, dubious web-browsing, and other abnormal activity will trigger an investigation.

 

Reviewing and Maintaining Logs

Upkeep of audit trails can be a problem for organizations; logs take up a lot of storage space that a firm may not have available. However, it is recommended that an audit trail is kept for the record’s life.

Best practices dictate that an audit log is subject to periodic review, although every firm will have different review plans. Specific regulations may prescribe a period in which a firm must conduct an audit trail review.

 

Who Uses Audit Trails?

Most industries need to support operations, security, and compliance. Audit records defend a company against data breaches, internal and external security threats, and support compliance reportage. As such, they form an essential part of a sound operational risk strategy.

IT department personnel like the network administrator or security manager will usually manage a company’s audit trails. But any user, such as a manager, employee, accountant, or someone else who interferes with an electronic record, will be trackable in that log. This could be a person who accesses the record or a system automatically changing or updating the log, such as when a computer is restarted.

 

Multiple Benefits of Audit Logs

The ability to track records back to their origin delivers multiple benefits such as:

  • Transparency of operations
  • Verifies records for compliance
  • Ensures accuracy and record integrity
  • Protects system from exploitation or misuse
  • Secures sensitive or vital information

Audit trails provide four areas that unlock these key benefits.

The first is user accountability. By using audit trails, everyone with access to the system is encouraged to apply correct user behavior. Each user knows their actions are linked to their identity and automatically recorded. This reality prevents abuse of information, unauthorized modifications, or system misuse.

Should an investigation become necessary, events can be recreated step-by-step. What happened, and when, and how was it done are all answered by the audit trail. Having a clear view of this information helps identify and prevent future incidents of data corruption, hacking, system failures, and security breaches.

Audit logs help pinpoint system breaches. With clear regulations governing information security and confidentiality, controlling unauthorized access is paramount. Personnel information, company data, and financial records are also protected.

A solid operational risk strategy relies on well-maintained logs. Up-to-date monitoring of your automated audit trails will pick up issues such as system faults, operator errors, dubious activity, or other operational problems.

 

Audit Trails and Compliance

Maintaining regulatory compliance means staying up-to-date with the federal and state laws that regulate the way companies conduct their business.

When an organization fulfills regulatory compliance standards, it will keep all records and related data so that it can be promptly recalled at any time.

Most businesses use their IT department to maintain electronic records for control of record keeping. This way maintains appropriate and safe user access and tracks privacy controls. Unsurprisingly, sound audit trail procedures are most needed by the financial sector, health care, universities, and e-commerce.

For financial organizations, the old way of manual archiving is obsolete. Today, critical documentation is tracked through workflow management systems or everyday desktop utilities.

It’s easier to create audit trails in a workflow management system. A process-driven environment allows you to simplify reporting and perform checks.

Whether your audit trails support day-to-day system operations or aid compliance, they also act as a type of insurance. In the event of technical problems or a suspected breach, a well-maintained audit trail will provide the answers.

OpsCheck is the SAAS workflow management system designed by finance professionals for operational excellence. See how well our system works for you with our no-risk, 60-day free trial.

[/et_pb_text][et_pb_social_media_follow url_new_window=”off” module_class=”share-soc” _builder_version=”3.0.106″][et_pb_social_media_follow_network social_network=”facebook” _builder_version=”3.0.106″ custom_css_main_element=”display: none;” follow_button=”off” url_new_window=”off”]Facebook
[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”linkedin” _builder_version=”3.0.106″ follow_button=”off” url_new_window=”off”]LinkedIn
[/et_pb_social_media_follow_network][/et_pb_social_media_follow][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”on|desktop” module_class=”bottom-banner” _builder_version=”3.22″ background_color_gradient_direction=”168deg” background_image=”https://opscheck.com/wp-content/uploads/2020/02/base.png” background_position=”center_left” custom_padding=”55px||55px|” custom_padding_tablet=”68px||68px|” custom_padding_phone=””][et_pb_row custom_padding_last_edited=”on|desktop” _builder_version=”3.25″ custom_padding=”0px||20px|” custom_padding_tablet=”0px||15px|” custom_padding_phone=””][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”3.27.4″ text_font_size=”18px” text_letter_spacing=”0.4px” header_text_align=”center” header_text_color=”#ffffff” header_font_size=”32px” header_2_font=”Catamaran||||||||” header_2_font_size=”38px” header_2_letter_spacing=”1.2px” header_2_line_height=”1.1em” text_orientation=”center” background_layout=”dark” header_2_font_size_tablet=”28px” header_2_font_size_phone=”” header_2_font_size_last_edited=”on|desktop” header_2_letter_spacing_tablet=”0.9px” header_2_letter_spacing_phone=”” header_2_letter_spacing_last_edited=”on|tablet” header_2_line_height_tablet=”” header_2_line_height_phone=”” header_2_line_height_last_edited=”on|tablet”]

See how OpsCheck can upgrade
your Business Operations

[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row custom_padding_last_edited=”on|desktop” module_class=”banner-cta bn-btns” _builder_version=”3.25″ custom_padding=”||0px|” custom_padding_tablet=”” custom_padding_phone=””][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_button button_url=”#contact” button_text=”Try for free” module_class=”inline-btn try-for-free-modal” _builder_version=”3.16″ custom_button=”on” button_text_size=”21px” button_bg_color=”rgba(47,47,63,0.93)” button_border_color=”#00e8d8″ button_icon=”%%20%%” background_layout=”dark” custom_margin=”|||” custom_padding=”|50px||50px” custom_css_main_element=”display: inline-block;” button_bg_color_hover=”#565656″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”on” button_bg_color__hover=”#565656″ button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_button][et_pb_button button_url=”#contact” button_text=”Book a Demo” module_class=”inline-btn book-a-demo-modal” _builder_version=”3.16″ custom_button=”on” button_text_size=”21px” button_text_color=”#ffffff” button_bg_color=”#03bbce” button_border_color=”#ffffff” button_icon=”%%20%%” background_layout=”dark” custom_margin=”|||” custom_padding=”|50px||50px” custom_css_main_element=”display: inline-block;” button_bg_color_hover=”#565656″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”on” button_bg_color__hover=”#565656″ button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_button][/et_pb_column][/et_pb_row][/et_pb_section]

OpsCheck Spotlights Covid Needs: Business Continuity (5/6)

[et_pb_section fb_built=”1″ custom_padding_last_edited=”on|” _builder_version=”3.22″ custom_padding=”0px||2.5%|” custom_padding_tablet=”” custom_padding_phone=””][et_pb_row _builder_version=”3.25″ module_alignment=”center”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_image align=”center” align_tablet=”center” align_phone=”” align_last_edited=”on|desktop” _builder_version=”4.9.3″ custom_margin=”-15vw|||” custom_margin_tablet=”-20vw|||” custom_margin_phone=”” custom_margin_last_edited=”on|tablet” always_center_on_mobile=”on”][/et_pb_image][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ module_class=”mid-width” _builder_version=”3.22″ custom_padding=”10px|2px|65px|0″][et_pb_row custom_padding_last_edited=”on|phone” _builder_version=”3.25″ custom_padding_tablet=”” custom_padding_phone=””][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_social_media_follow url_new_window=”off” disabled_on=”off|off|off” module_class=”share-soc” _builder_version=”3.0.106″][et_pb_social_media_follow_network social_network=”facebook” url=”https://www.facebook.com/” _builder_version=”3.0.106″ custom_css_main_element=”display: none;” follow_button=”off” url_new_window=”off”]Facebook
[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”linkedin” url=”https://www.linkedin.com/company/opscheck/” _builder_version=”3.0.106″ follow_button=”off” url_new_window=”off”]LinkedIn
[/et_pb_social_media_follow_network][/et_pb_social_media_follow][et_pb_text _builder_version=”4.9.3″ text_font=”Roboto Condensed||||||||” text_font_size=”18px” text_letter_spacing=”0.4px” text_line_height=”1.8em” background_size=”initial” background_position=”top_left” background_repeat=”repeat” custom_margin=”||60px|”]

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:

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

Focus On Business Continuity

If the COVID 19 crisis has put any particular aspect of an asset manager firm’s business to the test, business continuity and disaster recovery plans win hands-down.

With unprecedented business location shutdowns, reduction of travel, and health and family life issues of staff taking their toll, firms are experiencing a real-world execution of these plans. With these implementations, overlooked concerns, unanticipated consequences, and weak responses are being discovered on a near-daily basis.

As a primary, shareable platform resource, OpsCheck keeps all staff in the loop on their roles during normal business disruptions. With reduced staffing, some team members need to take on expanded roles and having a definitive resource for understanding these responsibilities has become a paramount concern.

Responsibilities of IT

IT groups within firms have a particular responsibility as companies have shifted to remote working environments. Activated continuity plans are being tested for their ability to provide necessary technology services to remote workers, exposing the sufficiency of infrastructure needs and data security.

As the COVID 19 crisis continues – and gives forewarning of similar future events – investors are more keen than ever to know how firm’s will handle catastrophic situations. Firms will need to provide their clients with accurate, current, and demonstrable plans and policies to raise confidence and trust to both attract new clients and retain existing ones in troubled times.

Looking to learn more about managing your business and workflows? OpsCheck brings the best parts of innovative software to a centralized product focused on operational management.

 

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

[/et_pb_text][et_pb_social_media_follow url_new_window=”off” module_class=”share-soc” _builder_version=”3.0.106″][et_pb_social_media_follow_network social_network=”facebook” _builder_version=”3.0.106″ custom_css_main_element=”display: none;” follow_button=”off” url_new_window=”off”]Facebook
[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”linkedin” _builder_version=”3.0.106″ follow_button=”off” url_new_window=”off”]LinkedIn
[/et_pb_social_media_follow_network][/et_pb_social_media_follow][et_pb_video src=”https://opscheck.com/wp-content/uploads/2020/10/video.mp4″ _builder_version=”3.0.106″][/et_pb_video][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”on|desktop” module_class=”bottom-banner” _builder_version=”3.22″ background_color_gradient_direction=”168deg” background_image=”https://opscheck.com/wp-content/uploads/2020/02/base.png” background_position=”center_left” custom_padding=”55px||55px|” custom_padding_tablet=”68px||68px|” custom_padding_phone=””][et_pb_row custom_padding_last_edited=”on|desktop” _builder_version=”3.25″ custom_padding=”0px||20px|” custom_padding_tablet=”0px||15px|” custom_padding_phone=””][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”3.27.4″ text_font_size=”18px” text_letter_spacing=”0.4px” header_text_align=”center” header_text_color=”#ffffff” header_font_size=”32px” header_2_font=”Catamaran||||||||” header_2_font_size=”38px” header_2_letter_spacing=”1.2px” header_2_line_height=”1.1em” text_orientation=”center” background_layout=”dark” header_2_font_size_tablet=”28px” header_2_font_size_phone=”” header_2_font_size_last_edited=”on|desktop” header_2_letter_spacing_tablet=”0.9px” header_2_letter_spacing_phone=”” header_2_letter_spacing_last_edited=”on|tablet” header_2_line_height_tablet=”” header_2_line_height_phone=”” header_2_line_height_last_edited=”on|tablet”]

See how OpsCheck can upgrade
your Business Operations

[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row custom_padding_last_edited=”on|desktop” module_class=”banner-cta bn-btns” _builder_version=”3.25″ custom_padding=”||0px|” custom_padding_tablet=”” custom_padding_phone=””][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_button button_url=”#contact” button_text=”Try for free” module_class=”inline-btn try-for-free-modal” _builder_version=”3.16″ custom_button=”on” button_text_size=”21px” button_bg_color=”rgba(47,47,63,0.93)” button_border_color=”#00e8d8″ button_icon=”%%20%%” background_layout=”dark” custom_margin=”|||” custom_padding=”|50px||50px” custom_css_main_element=”display: inline-block;” button_bg_color_hover=”#565656″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”on” button_bg_color__hover=”#565656″ button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_button][et_pb_button button_url=”#contact” button_text=”Book a Demo” module_class=”inline-btn book-a-demo-modal” _builder_version=”3.16″ custom_button=”on” button_text_size=”21px” button_text_color=”#ffffff” button_bg_color=”#03bbce” button_border_color=”#ffffff” button_icon=”%%20%%” background_layout=”dark” custom_margin=”|||” custom_padding=”|50px||50px” custom_css_main_element=”display: inline-block;” button_bg_color_hover=”#565656″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”on” button_bg_color__hover=”#565656″ button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_button][/et_pb_column][/et_pb_row][/et_pb_section]

OpsCheck Spotlights Covid Needs: Personnel Supervision (2/6)

[et_pb_section fb_built=”1″ custom_padding_last_edited=”on|” _builder_version=”3.22″ custom_padding=”0px||2.5%|” custom_padding_tablet=”” custom_padding_phone=””][et_pb_row _builder_version=”3.25″ module_alignment=”center”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_image align=”center” align_tablet=”center” align_phone=”” align_last_edited=”on|desktop” _builder_version=”4.9.3″ custom_margin=”-15vw|||” custom_margin_tablet=”-20vw|||” custom_margin_phone=”” custom_margin_last_edited=”on|tablet” hover_enabled=”0″ always_center_on_mobile=”on” sticky_enabled=”0″][/et_pb_image][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ module_class=”mid-width” _builder_version=”3.22″ custom_padding=”10px|2px|65px|0″][et_pb_row custom_padding_last_edited=”on|phone” _builder_version=”3.25″ custom_padding_tablet=”” custom_padding_phone=””][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_social_media_follow url_new_window=”off” disabled_on=”off|off|off” module_class=”share-soc” _builder_version=”3.0.106″][et_pb_social_media_follow_network social_network=”facebook” url=”https://www.facebook.com/” _builder_version=”3.0.106″ custom_css_main_element=”display: none;” follow_button=”off” url_new_window=”off”]Facebook
[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”linkedin” url=”https://www.linkedin.com/company/opscheck/” _builder_version=”3.0.106″ follow_button=”off” url_new_window=”off”]LinkedIn
[/et_pb_social_media_follow_network][/et_pb_social_media_follow][et_pb_text _builder_version=”4.9.3″ text_font=”Roboto Condensed||||||||” text_font_size=”18px” text_letter_spacing=”0.4px” text_line_height=”1.8em” background_size=”initial” background_position=”top_left” background_repeat=”repeat” custom_margin=”||60px|”]

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.

Supervision of Your Personnel

Since its inception, OpsCheck has provided the ideal platform for oversight of staff performance, made all the more pressing with the now-widespread adoption of remote work sites.

With supervisors and managers no longer having face-to-face access to staff, OpsCheck provides the best means for tracking and reviewing workflows and status in real-time whether a process is performed inhouse or remotely.

Lessen Fraud Risk

With the sensitivity of market volatility and trade recommendations at risk for fraud (such as dubious company claims regarding vaccine production and sales), OpsCheck allows a means for heightened compliance review prior to any trades. This oversight has become increasingly necessary for reviews of trading performed off-site.

Due diligence has also moved more remotely, necessitating a higher scrutiny of any third-party services and relationships. OpsCheck can immediately accommodate new layers of review without delay to reflect tighter oversight demands.

Enhanced Communications

Perhaps one the most important tools OpsChecks can provide is a closed system for internal company communications. With remote work, the temptation to use personal devices has risen substantially, creating a potential hacking risk as well as lost data that should remain on firm servers.

And, of course, despite the pandemic, normal staffing needs continue with new hires and departing employees as well as dealing with formally rare issues such as furloughs, temporary staffing, and benefits management. In addition to its key contributions to the investment teams, OpsCheck is equally a vital and responsive management tool for human resources development by providing onboarding process review, alerting to background check needs as well as ongoing staff examination requirements and maintenance of Forum 4U information.

Looking to stay ahead of the game when it comes to supervising your personnel? OpsCheck brings the best parts of innovative software to a centralized product focused on operational management.

 

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

[/et_pb_text][et_pb_social_media_follow url_new_window=”off” module_class=”share-soc” _builder_version=”3.0.106″][et_pb_social_media_follow_network social_network=”facebook” _builder_version=”3.0.106″ custom_css_main_element=”display: none;” follow_button=”off” url_new_window=”off”]Facebook
[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”linkedin” _builder_version=”3.0.106″ follow_button=”off” url_new_window=”off”]LinkedIn
[/et_pb_social_media_follow_network][/et_pb_social_media_follow][et_pb_video src=”https://opscheck.com/wp-content/uploads/2020/10/video.mp4″ _builder_version=”3.0.106″][/et_pb_video][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”on|desktop” module_class=”bottom-banner” _builder_version=”3.22″ background_color_gradient_direction=”168deg” background_image=”https://opscheck.com/wp-content/uploads/2020/02/base.png” background_position=”center_left” custom_padding=”55px||55px|” custom_padding_tablet=”68px||68px|” custom_padding_phone=””][et_pb_row custom_padding_last_edited=”on|desktop” _builder_version=”3.25″ custom_padding=”0px||20px|” custom_padding_tablet=”0px||15px|” custom_padding_phone=””][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”3.27.4″ text_font_size=”18px” text_letter_spacing=”0.4px” header_text_align=”center” header_text_color=”#ffffff” header_font_size=”32px” header_2_font=”Catamaran||||||||” header_2_font_size=”38px” header_2_letter_spacing=”1.2px” header_2_line_height=”1.1em” text_orientation=”center” background_layout=”dark” header_2_font_size_tablet=”28px” header_2_font_size_phone=”” header_2_font_size_last_edited=”on|desktop” header_2_letter_spacing_tablet=”0.9px” header_2_letter_spacing_phone=”” header_2_letter_spacing_last_edited=”on|tablet” header_2_line_height_tablet=”” header_2_line_height_phone=”” header_2_line_height_last_edited=”on|tablet”]

See how OpsCheck can upgrade
your Business Operations

[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row custom_padding_last_edited=”on|desktop” module_class=”banner-cta bn-btns” _builder_version=”3.25″ custom_padding=”||0px|” custom_padding_tablet=”” custom_padding_phone=””][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_button button_url=”#contact” button_text=”Try for free” module_class=”inline-btn try-for-free-modal” _builder_version=”3.16″ custom_button=”on” button_text_size=”21px” button_bg_color=”rgba(47,47,63,0.93)” button_border_color=”#00e8d8″ button_icon=”%%20%%” background_layout=”dark” custom_margin=”|||” custom_padding=”|50px||50px” custom_css_main_element=”display: inline-block;” button_bg_color_hover=”#565656″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”on” button_bg_color__hover=”#565656″ button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_button][et_pb_button button_url=”#contact” button_text=”Book a Demo” module_class=”inline-btn book-a-demo-modal” _builder_version=”3.16″ custom_button=”on” button_text_size=”21px” button_text_color=”#ffffff” button_bg_color=”#03bbce” button_border_color=”#ffffff” button_icon=”%%20%%” background_layout=”dark” custom_margin=”|||” custom_padding=”|50px||50px” custom_css_main_element=”display: inline-block;” button_bg_color_hover=”#565656″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”on” button_bg_color__hover=”#565656″ button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_button][/et_pb_column][/et_pb_row][/et_pb_section]

OpsCheck Spotlights Covid Needs: Investor Asset Protection (1/6)

[et_pb_section fb_built=”1″ custom_padding_last_edited=”on|” _builder_version=”3.22″ custom_padding=”0px||2.5%|” custom_padding_tablet=”” custom_padding_phone=””][et_pb_row _builder_version=”3.25″ module_alignment=”center”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_image align=”center” align_tablet=”center” align_phone=”” align_last_edited=”on|desktop” _builder_version=”4.9.3″ custom_margin=”-15vw|||” custom_margin_tablet=”-20vw|||” custom_margin_phone=”” custom_margin_last_edited=”on|tablet” always_center_on_mobile=”on”][/et_pb_image][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ module_class=”mid-width” _builder_version=”3.22″ custom_padding=”10px|2px|65px|0″][et_pb_row custom_padding_last_edited=”on|phone” _builder_version=”3.25″ custom_padding_tablet=”” custom_padding_phone=””][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_social_media_follow url_new_window=”off” disabled_on=”off|off|off” module_class=”share-soc” _builder_version=”3.0.106″][et_pb_social_media_follow_network social_network=”facebook” url=”https://www.facebook.com/” _builder_version=”3.0.106″ custom_css_main_element=”display: none;” follow_button=”off” url_new_window=”off”]Facebook[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”linkedin” url=”https://www.linkedin.com/company/opscheck/” _builder_version=”3.0.106″ follow_button=”off” url_new_window=”off”]LinkedIn[/et_pb_social_media_follow_network][/et_pb_social_media_follow][et_pb_text _builder_version=”4.9.3″ text_font=”Roboto Condensed||||||||” text_font_size=”18px” text_letter_spacing=”0.4px” text_line_height=”1.8em” background_size=”initial” background_position=”top_left” background_repeat=”repeat” custom_margin=”||60px|”]

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.

The OCIE Has Identified Six Areas of Concern

Firms should take time to review:

  • (1) protection of investors’ assets
  • (2) supervision of personnel
  • (3) practices relating to fees, expenses, and financial transactions
  • (4) investment fraud
  • (5) business continuity
  • (6) 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.

The Protection of Investors’ Assets

Asset management firms have always been required to protect investors’ assets. The COVID-19 pandemic has seen a rise in identity theft aided by inadequate remote verification procedures. Firms should consider instituting heightened review of processes that involve investor asset movement such as check processing and transfers. OpsCheck’s versatile checklist notifications can automate notifications and confirmations for both the firm and the client when assets move – alerting all parties to the successful performance of normal business while also protecting against unauthorized transactions.

By instituting added layers of identity verifications through automation, firms can use OpsCheck to track their disbursements and their verified destinations. With so many clients making unusual and unexpected withdrawals from accounts due to the pandemic – especially from retirement accounts – firms need to confirm that their clients’ personal data is up-to-date and secure from outside manipulation whenever possible.

Help Eliminate Delays

With reduced staffing inhouse, many firms have experienced delays in processing hard-copy paperwork – such as check processing. Firms should review their workflow in these areas and offer clients a means to monitor their progress as well. OpsCheck can be tailored to allow clients access to need-to-know data such as receipt of checks, verification documents, or any other hard-copy materials that might experience delays over previous processes. Critical to this new attention, firms should make sure that they have trusted contact information from all their clients and a secure procedure from any changes that today’s environment might call for.

Looking to protect Investor Assets? OpsCheck brings the best parts of innovative software to a centralized product focused on Financial Control.

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

[/et_pb_text][et_pb_social_media_follow url_new_window=”off” module_class=”share-soc” _builder_version=”3.0.106″][et_pb_social_media_follow_network social_network=”facebook” _builder_version=”3.0.106″ custom_css_main_element=”display: none;” follow_button=”off” url_new_window=”off”]Facebook[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”linkedin” _builder_version=”3.0.106″ follow_button=”off” url_new_window=”off”]LinkedIn[/et_pb_social_media_follow_network][/et_pb_social_media_follow][et_pb_video src=”https://www.youtube.com/watch?v=W78XHuQnY_4″ _builder_version=”4.9.3″ hover_enabled=”0″ sticky_enabled=”0″][/et_pb_video][et_pb_code _builder_version=”4.9.3″ _module_preset=”default” hover_enabled=”0″ sticky_enabled=”0″][/et_pb_code][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”on|desktop” module_class=”bottom-banner” _builder_version=”3.22″ background_color_gradient_direction=”168deg” background_image=”https://opscheck.com/wp-content/uploads/2020/02/base.png” background_position=”center_left” custom_padding=”55px||55px|” custom_padding_tablet=”68px||68px|” custom_padding_phone=””][et_pb_row custom_padding_last_edited=”on|desktop” _builder_version=”3.25″ custom_padding=”0px||20px|” custom_padding_tablet=”0px||15px|” custom_padding_phone=””][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.9.3″ text_font_size=”18px” text_letter_spacing=”0.4px” header_text_align=”center” header_text_color=”#ffffff” header_font_size=”32px” header_2_font=”Catamaran||||||||” header_2_font_size=”38px” header_2_letter_spacing=”1.2px” header_2_line_height=”1.1em” text_orientation=”center” background_layout=”dark” hover_enabled=”0″ header_2_font_size_tablet=”28px” header_2_font_size_phone=”” header_2_font_size_last_edited=”on|desktop” header_2_letter_spacing_tablet=”0.9px” header_2_letter_spacing_phone=”” header_2_letter_spacing_last_edited=”on|tablet” header_2_line_height_tablet=”” header_2_line_height_phone=”” header_2_line_height_last_edited=”on|tablet” sticky_enabled=”0″]

See how OpsCheck can upgrade
your Business Operations

[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row custom_padding_last_edited=”on|desktop” module_class=”banner-cta bn-btns” _builder_version=”3.25″ custom_padding=”||0px|” custom_padding_tablet=”” custom_padding_phone=””][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_button button_url=”#contact” button_text=”Try for free” module_class=”inline-btn try-for-free-modal” _builder_version=”3.16″ custom_button=”on” button_text_size=”21px” button_bg_color=”rgba(47,47,63,0.93)” button_border_color=”#00e8d8″ button_icon=”%%20%%” background_layout=”dark” custom_margin=”|||” custom_padding=”|50px||50px” custom_css_main_element=”display: inline-block;” button_bg_color_hover=”#565656″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”on” button_bg_color__hover=”#565656″ button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_button][et_pb_button button_url=”#contact” button_text=”Book a Demo” module_class=”inline-btn book-a-demo-modal” _builder_version=”3.16″ custom_button=”on” button_text_size=”21px” button_text_color=”#ffffff” button_bg_color=”#03bbce” button_border_color=”#ffffff” button_icon=”%%20%%” background_layout=”dark” custom_margin=”|||” custom_padding=”|50px||50px” custom_css_main_element=”display: inline-block;” button_bg_color_hover=”#565656″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”on” button_bg_color__hover=”#565656″ button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_button][/et_pb_column][/et_pb_row][/et_pb_section]

How to Achieve Operational Success in 2020?

[et_pb_section fb_built=”1″ custom_padding_last_edited=”on|” _builder_version=”3.22″ custom_padding=”0px||2.5%|” custom_padding_tablet=”” custom_padding_phone=””][et_pb_row _builder_version=”3.25″ module_alignment=”center”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_image alt=”Achieve operational success with rigorous controls and procedures.” align=”center” align_tablet=”center” align_phone=”” align_last_edited=”on|desktop” _builder_version=”4.9.3″ custom_margin=”-15vw|||” custom_margin_tablet=”-20vw|||” custom_margin_phone=”” custom_margin_last_edited=”on|tablet” hover_enabled=”0″ always_center_on_mobile=”on” sticky_enabled=”0″][/et_pb_image][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ module_class=”mid-width” _builder_version=”3.22″ custom_padding=”10px|2px|65px|0″][et_pb_row custom_padding_last_edited=”on|phone” _builder_version=”3.25″ custom_padding_tablet=”” custom_padding_phone=””][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_social_media_follow url_new_window=”off” disabled_on=”off|off|off” module_class=”share-soc” _builder_version=”3.0.106″][et_pb_social_media_follow_network social_network=”facebook” url=”https://www.facebook.com/” _builder_version=”3.0.106″ custom_css_main_element=”display: none;” follow_button=”off” url_new_window=”off”]Facebook
[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”linkedin” url=”https://www.linkedin.com/company/opscheck/” _builder_version=”3.0.106″ follow_button=”off” url_new_window=”off”]LinkedIn
[/et_pb_social_media_follow_network][/et_pb_social_media_follow][et_pb_text _builder_version=”4.9.3″ text_font=”Roboto Condensed||||||||” text_font_size=”18px” text_letter_spacing=”0.4px” text_line_height=”1.8em” background_size=”initial” background_position=”top_left” background_repeat=”repeat” custom_margin=”||60px|” hover_enabled=”0″ sticky_enabled=”0″]

Every financial management firm is concerned about risk and efficiency. Not only do these issues elevate a company in the eyes of investors, they also contribute to successful execution and positive strategy outcomes. The tried-and-true approach to success will be internal controls and procedures that are well-defined and rigorous.

With millions of dollars at stake in investment management, caution and clarity must work hand-in-hand with efficiency and flexibility. Rules need to be established that protect the integrity of strategies and, most importantly, managers and investors.

 

Operational Success Starts at the Top

The first step is ensuring that a firm has a hierarchy of responsibility and clearly defined areas of responsibility within that structure. Next, within this context of responsibilities, checks and balances between individuals and teams must exist up and down the operational process to ensure no single entity operates independently without confirmation.

Violations happen. The key to avoiding them is anticipating scenarios in which they may occur. Checks and balances can expose fraudulent actions as well as unintentional mistakes. In the meantime, the process should serve to confirm that it is working effectively to avoid these errors.

Each action and decision should have a counter-balancing reaction and review. The intent is to expose inconsistencies in process and bring them to the attention of the right personnel to address.

The operations and compliance departments should play a key, often the lead, role in oversight as a complementary component to the portfolio and trading teams. While everyone continues to have ownership of their responsibilities, they can rely on the integrity of the process to assure them they are operating at the highest standards possible while being free to operate within their area of expertise.

 

Workflow Management is Key

Workflow definitions and charting are an integral part of an orderly process. By defining time-lines for a process and who is responsible for each action along the way, operations become more efficient and secure.

Information management platforms that integrate these steps in one place are an ideal approach to monitoring this workflow.

These platforms typically can be tailored for a firm’s internal processes, tracking access by specific individuals and their actions, send notifications at decision points as well as alert to variations in risk control.

Done well, this approach can increase efficiencies that allow staff to focus on building strategy and reducing exceptions while limiting the possibility of fraudulent actions that might otherwise avoid detection.

 

Apply Due Diligence

No system is perfect, whether manual or automated. For critical operative functions, it benefits the process to have built-in redundancies in the approval process as an extra layer of security and confidence.

Management should review their functionality for potential failures and work to address them through improved system efficiency and dedicating additional resources when necessary. Any financial expenditure done early will pay off in the long run by avoiding system and process failures in the ongoing management.

Lastly, review the control systems, and review again. Redundancy in review is just as important as in active operational activities. At all times, staff should know the process, when and by whom a check and balance will occur, and how to positively effect change in the process for the benefit of staff and the firm as well as clients.

 

Try Before You Buy

You’ll get proven advances in task, project and workflow management software in a single tool. You won’t need spreadsheets, emails and Outlook to manage your business operations. And it’s easy to get started, easy to operate and cost effective.

OpsCheck is an Operations/Compliance Control and Oversight application that mitigates operational risk, boosts communication, offers full transparency, and makes everyone accountable.

Many reputable firms have already subscribed. Internal and external stakeholders will appreciate its value. OpsCheck promotes a culture of Operational Excellence!

[/et_pb_text][et_pb_social_media_follow url_new_window=”off” module_class=”share-soc” _builder_version=”3.0.106″][et_pb_social_media_follow_network social_network=”facebook” _builder_version=”3.0.106″ custom_css_main_element=”display: none;” follow_button=”off” url_new_window=”off”]Facebook
[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”linkedin” _builder_version=”3.0.106″ follow_button=”off” url_new_window=”off”]LinkedIn
[/et_pb_social_media_follow_network][/et_pb_social_media_follow][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”on|desktop” module_class=”bottom-banner” _builder_version=”3.22″ background_color_gradient_direction=”168deg” background_image=”https://opscheck.com/wp-content/uploads/2020/02/base.png” background_position=”center_left” custom_padding=”55px||55px|” custom_padding_tablet=”68px||68px|” custom_padding_phone=””][et_pb_row custom_padding_last_edited=”on|desktop” _builder_version=”3.25″ custom_padding=”0px||20px|” custom_padding_tablet=”0px||15px|” custom_padding_phone=””][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”3.27.4″ text_font_size=”18px” text_letter_spacing=”0.4px” header_text_align=”center” header_text_color=”#ffffff” header_font_size=”32px” header_2_font=”Catamaran||||||||” header_2_font_size=”38px” header_2_letter_spacing=”1.2px” header_2_line_height=”1.1em” text_orientation=”center” background_layout=”dark” header_2_font_size_tablet=”28px” header_2_font_size_phone=”” header_2_font_size_last_edited=”on|desktop” header_2_letter_spacing_tablet=”0.9px” header_2_letter_spacing_phone=”” header_2_letter_spacing_last_edited=”on|tablet” header_2_line_height_tablet=”” header_2_line_height_phone=”” header_2_line_height_last_edited=”on|tablet”]

See how OpsCheck can upgrade
your Business Operations

[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row custom_padding_last_edited=”on|desktop” module_class=”banner-cta bn-btns” _builder_version=”3.25″ custom_padding=”||0px|” custom_padding_tablet=”” custom_padding_phone=””][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_button button_url=”#contact” button_text=”Try for free” module_class=”inline-btn try-for-free-modal” _builder_version=”3.16″ custom_button=”on” button_text_size=”21px” button_bg_color=”rgba(47,47,63,0.93)” button_border_color=”#00e8d8″ button_icon=”%%20%%” background_layout=”dark” custom_margin=”|||” custom_padding=”|50px||50px” custom_css_main_element=”display: inline-block;” button_bg_color_hover=”#565656″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”on” button_bg_color__hover=”#565656″ button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_button][et_pb_button button_url=”#contact” button_text=”Book a Demo” module_class=”inline-btn book-a-demo-modal” _builder_version=”3.16″ custom_button=”on” button_text_size=”21px” button_text_color=”#ffffff” button_bg_color=”#03bbce” button_border_color=”#ffffff” button_icon=”%%20%%” background_layout=”dark” custom_margin=”|||” custom_padding=”|50px||50px” custom_css_main_element=”display: inline-block;” button_bg_color_hover=”#565656″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”on” button_bg_color__hover=”#565656″ button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_button][/et_pb_column][/et_pb_row][/et_pb_section]

Third-party Vendors: An Asset Management Risk

[et_pb_section fb_built=”1″ custom_padding_last_edited=”on|” _builder_version=”3.22″ custom_padding=”0px||2.5%|” custom_padding_tablet=”” custom_padding_phone=”” collapsed=”off”][et_pb_row admin_label=”Row” _builder_version=”3.25″ module_alignment=”center”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_image alt=”the role of third-party risk in asset management” title_text=”the role of third party vendors in asset management” align=”center” align_tablet=”center” align_phone=”” align_last_edited=”on|desktop” admin_label=”Image” _builder_version=”4.9.3″ custom_margin=”-15vw|||” custom_margin_tablet=”-20vw|||” custom_margin_phone=”” custom_margin_last_edited=”on|tablet” hover_enabled=”0″ always_center_on_mobile=”on” sticky_enabled=”0″][/et_pb_image][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ module_class=”mid-width” _builder_version=”3.22″ custom_padding=”10px|2px|65px|0″][et_pb_row custom_padding_last_edited=”on|phone” _builder_version=”3.25″ custom_padding_tablet=”” custom_padding_phone=””][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_social_media_follow url_new_window=”off” disabled_on=”off|off|off” module_class=”share-soc” _builder_version=”3.0.106″][et_pb_social_media_follow_network social_network=”facebook” url=”https://www.facebook.com/” _builder_version=”3.0.106″ custom_css_main_element=”display: none;” follow_button=”off” url_new_window=”off”]Facebook
[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”linkedin” url=”https://www.linkedin.com/company/opscheck/” _builder_version=”3.0.106″ follow_button=”off” url_new_window=”off”]LinkedIn
[/et_pb_social_media_follow_network][/et_pb_social_media_follow][et_pb_text _builder_version=”4.9.3″ text_font=”Roboto Condensed||||||||” text_font_size=”18px” text_letter_spacing=”0.4px” text_line_height=”1.8em” background_size=”initial” background_position=”top_left” background_repeat=”repeat” custom_margin=”||60px|” hover_enabled=”0″ sticky_enabled=”0″]

 

All asset management firms use some form of third-party vendor services. Bloomberg provides market data. A proprietary software designer sells a risk control module. Trading platforms interact with banks and custodians. All of these components are critical needs, but they also must be accountable for the strict regulation requirements that a firm needs for today’s compliance, risk control, and trading execution.

Third-party Services can Increase Risk

When an organization thinks of its risk control, it cannot stop at its own doors. Any third-party platform, any outside data flow, and any outside security measures must be seen as the firm’s own because they are. When regulators come knocking, the company doesn’t get to blame anyone else for failures in any aspect of its asset management process.

Every firm uses some kind of third-party service. For some, it is a cost issue. They cannot afford to hire and build their own system. For others, they might not have the required expertise inhouse to produce what they need on a short or long-term basis. Still others are interested in a proprietary system module that does something great, so that particular wheel does not need to be invented. Data is another third-party service. Firms need live feeds of stock pricing and indices.

Vendors Add Risk

All vendor services are required to follow regulatory and security needs for their products. However, the downside for the company is they do not control that process. The risk control for the vendor might not be the same or as high as the firm’s needs. Security measures such as data integrity and client data security all have to be maintained. Every time an organization interacts outside its own internal systems, the possibility for risk exposure increases.

Technology Minimizes Exposure

With the right kind of tools, you can minimize your exposure to operational risk. Cloud-based technology brings proven advances in task, project and workflow management in a single solution. No more spreadsheets, emails or Outlook are needed to manage your business operations.

Operational risk is mitigated by a compliance control, operations and oversight platform that enhances communication, offers 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. 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!

 

[/et_pb_text][et_pb_social_media_follow url_new_window=”off” module_class=”share-soc” _builder_version=”3.0.106″][et_pb_social_media_follow_network social_network=”facebook” _builder_version=”3.0.106″ custom_css_main_element=”display: none;” follow_button=”off” url_new_window=”off”]Facebook
[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”linkedin” _builder_version=”3.0.106″ follow_button=”off” url_new_window=”off”]LinkedIn
[/et_pb_social_media_follow_network][/et_pb_social_media_follow][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”on|desktop” module_class=”bottom-banner” _builder_version=”3.22″ background_color_gradient_direction=”168deg” background_image=”https://opscheck.com/wp-content/uploads/2020/02/base.png” background_position=”center_left” custom_padding=”55px||55px|” custom_padding_tablet=”68px||68px|” custom_padding_phone=””][et_pb_row custom_padding_last_edited=”on|desktop” _builder_version=”3.25″ custom_padding=”0px||20px|” custom_padding_tablet=”0px||15px|” custom_padding_phone=””][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”3.27.4″ text_font_size=”18px” text_letter_spacing=”0.4px” header_text_align=”center” header_text_color=”#ffffff” header_font_size=”32px” header_2_font=”Catamaran||||||||” header_2_font_size=”38px” header_2_letter_spacing=”1.2px” header_2_line_height=”1.1em” text_orientation=”center” background_layout=”dark” header_2_font_size_tablet=”28px” header_2_font_size_phone=”” header_2_font_size_last_edited=”on|desktop” header_2_letter_spacing_tablet=”0.9px” header_2_letter_spacing_phone=”” header_2_letter_spacing_last_edited=”on|tablet” header_2_line_height_tablet=”” header_2_line_height_phone=”” header_2_line_height_last_edited=”on|tablet”]

See how OpsCheck can upgrade
your Business Operations

[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row custom_padding_last_edited=”on|desktop” module_class=”banner-cta bn-btns” _builder_version=”3.25″ custom_padding=”||0px|” custom_padding_tablet=”” custom_padding_phone=””][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_button button_url=”#contact” button_text=”Try for free” module_class=”inline-btn try-for-free-modal” _builder_version=”3.16″ custom_button=”on” button_text_size=”21px” button_bg_color=”rgba(47,47,63,0.93)” button_border_color=”#00e8d8″ button_icon=”%%20%%” background_layout=”dark” custom_margin=”|||” custom_padding=”|50px||50px” custom_css_main_element=”display: inline-block;” button_bg_color_hover=”#565656″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”on” button_bg_color__hover=”#565656″ button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_button][et_pb_button button_url=”#contact” button_text=”Book a Demo” module_class=”inline-btn book-a-demo-modal” _builder_version=”3.16″ custom_button=”on” button_text_size=”21px” button_text_color=”#ffffff” button_bg_color=”#03bbce” button_border_color=”#ffffff” button_icon=”%%20%%” background_layout=”dark” custom_margin=”|||” custom_padding=”|50px||50px” custom_css_main_element=”display: inline-block;” button_bg_color_hover=”#565656″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”on” button_bg_color__hover=”#565656″ button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_button][/et_pb_column][/et_pb_row][/et_pb_section]

How to Build an Effective Compliance Program?

[et_pb_section fb_built=”1″ custom_padding_last_edited=”on|” _builder_version=”3.22″ custom_padding=”0px||2.5%|” custom_padding_tablet=”” custom_padding_phone=””][et_pb_row _builder_version=”3.25″ module_alignment=”center”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_image alt=”build a compliance program” title_text=”how to build compliance program” align=”center” align_tablet=”center” align_phone=”” align_last_edited=”on|desktop” _builder_version=”4.9.3″ custom_margin=”-15vw|||” custom_margin_tablet=”-20vw|||” custom_margin_phone=”” custom_margin_last_edited=”on|tablet” always_center_on_mobile=”on”][/et_pb_image][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ module_class=”mid-width” _builder_version=”3.22″ custom_padding=”10px|2px|65px|0″][et_pb_row custom_padding_last_edited=”on|phone” _builder_version=”3.25″ custom_padding_tablet=”” custom_padding_phone=””][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_social_media_follow url_new_window=”off” disabled_on=”off|off|off” module_class=”share-soc” _builder_version=”3.0.106″][et_pb_social_media_follow_network social_network=”facebook” url=”https://www.facebook.com/” _builder_version=”3.0.106″ custom_css_main_element=”display: none;” follow_button=”off” url_new_window=”off”]Facebook[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”linkedin” url=”https://www.linkedin.com/company/opscheck/” _builder_version=”3.0.106″ follow_button=”off” url_new_window=”off”]LinkedIn[/et_pb_social_media_follow_network][/et_pb_social_media_follow][et_pb_text _builder_version=”4.9.3″ text_font=”Roboto Condensed||||||||” text_font_size=”18px” text_letter_spacing=”0.4px” text_line_height=”1.8em” background_size=”initial” background_position=”top_left” background_repeat=”repeat” custom_margin=”||60px|” hover_enabled=”0″ sticky_enabled=”0″]

From small boutiques to global giants, all financial management firms utilize third-party services to perform vital functions. Be it data providers like Bloomberg or risk control modules from lone independents, these outside vendors have become a seamless part of daily asset management. A risk exposure, of course, can occur if that third-party service becomes compromised.

Despite all the strong governance policies or technological security measures a firm can have in place, it can still remain vulnerable to business disruption or malicious hacking through no fault of its own. A firm’s security and compliance are only as strong as its weakest link, and a third-party vendor is that link.

More Regulation Demands Better Compliance

In today’s financial management world, asset management firms have more eyes on them than ever. Laws and regulations worldwide demand not only compliance, but a dedicated program to ensure that compliance takes place.

Fund domicile drives the type and level of documentation and structure. For the US, whether onshore or offshore, a typical framework will include the offering memorandum, governance documents that incorporate operating agreements, the memorandum and articles of association, and the subscription agreement.

The compliance program should, of course, have the framework for how the firm will perform, its standards for performance, and its means for review. It should be codified in a manual that outlines the firm’s code of ethics and its related polices, including the approach to valuation, trade errors, personal trading, allocation, soft dollars, and best execution guidance.

Investor due diligence will keep a firm on its toes, so a firm’s employees should understand their programs intimately. Before investing, an investor will seek clarity and assurances on such matters as liquidity rights, liability and indemnification effects, and conflicts of interest. Everyone involved in the fund’s management should be able to answer these types of questions.

Develop the Best Compliance Program

Perhaps the best way to develop a compliance program is to always operate as if an audit must pass the requirements of the Advisor’s Act and SEC requirements, even if the firm is not registered with the SEC as a registered investment advisor (RIA).

This approach will accomplish two things:

  1. Meet investor expectations for a high level of legal compliance.
  2. Have mechanisms in place should the firm need to register as an RIA in the future.

In other words, be forward-thinking on growth and scalability.

A compliance program can only be successful within the firm through leadership of senior management. As a component of inspiring trust and integrity in the workplace, leadership should set the example on the importance of adherence to the program.

The compliance manual should always be available to staff, and leadership should actively confirm periodically – through signed certification – that the staff has received, read, and understood the process. A regular review of actions within the firm to determine if the compliance program is being adhered to will also send a signal to staff that high standards should always be met and motivate them to practice adherence to strict standards.

By initiating the highest possible standards for compliance at the outset, firms can establish significant reputational value in the investor market as well as with governing authorities. Having a clear path of operation and execution in written form increases transparency, inspires trust across all interested parties, and reduce liability issues in the future.

How a Workflow Management Tool Can Help

A compliance control, operations, and oversight application will mitigate operational risk. At the same time, your firm gets improved communication, full transparency, and everyone becomes accountable.

Proven advances in task, project and workflow management software are available to you in a single tool. No more spreadsheets, emails or Outlook are needed for managing business operations.

OpsCheck is easy to implement, easy to operate and cost effective. Many reputable firms have already subscribed. Internal and external stakeholders will appreciate its value. OpsCheck promotes a culture of Operational Excellence!

[/et_pb_text][et_pb_social_media_follow url_new_window=”off” module_class=”share-soc” _builder_version=”3.0.106″][et_pb_social_media_follow_network social_network=”facebook” _builder_version=”3.0.106″ custom_css_main_element=”display: none;” follow_button=”off” url_new_window=”off”]Facebook[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”linkedin” _builder_version=”3.0.106″ follow_button=”off” url_new_window=”off”]LinkedIn[/et_pb_social_media_follow_network][/et_pb_social_media_follow][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”on|desktop” module_class=”bottom-banner” _builder_version=”3.22″ background_color_gradient_direction=”168deg” background_image=”https://opscheck.com/wp-content/uploads/2020/02/base.png” background_position=”center_left” custom_padding=”55px||55px|” custom_padding_tablet=”68px||68px|” custom_padding_phone=””][et_pb_row custom_padding_last_edited=”on|desktop” _builder_version=”3.25″ custom_padding=”0px||20px|” custom_padding_tablet=”0px||15px|” custom_padding_phone=””][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”3.27.4″ text_font_size=”18px” text_letter_spacing=”0.4px” header_text_align=”center” header_text_color=”#ffffff” header_font_size=”32px” header_2_font=”Catamaran||||||||” header_2_font_size=”38px” header_2_letter_spacing=”1.2px” header_2_line_height=”1.1em” text_orientation=”center” background_layout=”dark” header_2_font_size_tablet=”28px” header_2_font_size_phone=”” header_2_font_size_last_edited=”on|desktop” header_2_letter_spacing_tablet=”0.9px” header_2_letter_spacing_phone=”” header_2_letter_spacing_last_edited=”on|tablet” header_2_line_height_tablet=”” header_2_line_height_phone=”” header_2_line_height_last_edited=”on|tablet”]

See how OpsCheck can upgrade
your Business Operations

[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row custom_padding_last_edited=”on|desktop” module_class=”banner-cta bn-btns” _builder_version=”3.25″ custom_padding=”||0px|” custom_padding_tablet=”” custom_padding_phone=””][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_button button_url=”#contact” button_text=”Try for free” module_class=”inline-btn try-for-free-modal” _builder_version=”3.16″ custom_button=”on” button_text_size=”21px” button_bg_color=”rgba(47,47,63,0.93)” button_border_color=”#00e8d8″ button_icon=”%%20%%” background_layout=”dark” custom_margin=”|||” custom_padding=”|50px||50px” custom_css_main_element=”display: inline-block;” button_bg_color_hover=”#565656″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”on” button_bg_color__hover=”#565656″ button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_button][et_pb_button button_url=”#contact” button_text=”Book a Demo” module_class=”inline-btn book-a-demo-modal” _builder_version=”3.16″ custom_button=”on” button_text_size=”21px” button_text_color=”#ffffff” button_bg_color=”#03bbce” button_border_color=”#ffffff” button_icon=”%%20%%” background_layout=”dark” custom_margin=”|||” custom_padding=”|50px||50px” custom_css_main_element=”display: inline-block;” button_bg_color_hover=”#565656″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”on” button_bg_color__hover=”#565656″ button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_button][/et_pb_column][/et_pb_row][/et_pb_section]

How to Start Working Remotely in 2020?

[et_pb_section fb_built=”1″ custom_padding_last_edited=”on|” _builder_version=”3.22″ custom_padding=”0px||2.5%|” custom_padding_tablet=”” custom_padding_phone=””][et_pb_row _builder_version=”3.25″ module_alignment=”center”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_image alt=”how to start working remotely” title_text=”how to start working remotely in 2020″ align=”center” align_tablet=”center” align_phone=”” align_last_edited=”on|desktop” _builder_version=”4.9.3″ custom_margin=”-15vw|||” custom_margin_tablet=”-20vw|||” custom_margin_phone=”” custom_margin_last_edited=”on|tablet” always_center_on_mobile=”on”][/et_pb_image][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ module_class=”mid-width” _builder_version=”3.22″ custom_padding=”10px|2px|65px|0″][et_pb_row custom_padding_last_edited=”on|phone” _builder_version=”3.25″ custom_padding_tablet=”” custom_padding_phone=””][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_social_media_follow url_new_window=”off” disabled_on=”off|off|off” module_class=”share-soc” _builder_version=”3.0.106″][et_pb_social_media_follow_network social_network=”facebook” url=”https://www.facebook.com/” _builder_version=”3.0.106″ custom_css_main_element=”display: none;” follow_button=”off” url_new_window=”off”]Facebook
[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”linkedin” url=”https://www.linkedin.com/company/opscheck/” _builder_version=”3.0.106″ follow_button=”off” url_new_window=”off”]LinkedIn
[/et_pb_social_media_follow_network][/et_pb_social_media_follow][et_pb_text _builder_version=”4.9.3″ text_font=”Roboto Condensed||||||||” text_font_size=”18px” text_letter_spacing=”0.4px” text_line_height=”1.8em” background_size=”initial” background_position=”top_left” background_repeat=”repeat” custom_margin=”||60px|” hover_enabled=”0″ sticky_enabled=”0″]

Everyone in the world of asset management understands the necessity of business continuity and disaster recovery plans. Authorizing regulatory bodies under the Security and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) require such plans. To date, the SEC has strongly encouraged the establishment of business continuity plans for registered investment advisers (RIAs) and has proposed rules to demand them.

 

Why Should Business Continuity Plans Include Remote Working Alternatives?

Asset management firms have long planned off-site business continuity with a focus on operations. Of course, the access to data, financial accounts, and technology are critical to the smooth transition of workflow off-site. The emphasis has typically been supportive of the investment and technology groups and assumed that, while disruptive, the response will be a short-term need.

As we have seen in the first quarter of 2020, an unexpected event can demand a significant reduction – or even elimination – of on-site staff. Naturally, the first step would be to determine where your staff is located during a disruption for business to proceed as normally as possible.

While many firms, especially large ones, have the means to rent space elsewhere, an event that includes the current demand for social isolation means that staff will, more often than not, be located in their own homes.

Certainly, mission critical aspects of a business have always been addressed, but what happens to everything else? Can all staff access their work, files, systems, and colleagues with the same ease? Those responsibilities do not disappear when a disaster strikes.

A firm must be able to function at all levels, and the best way to achieve that is to examine every position for its off-site remote worker needs. A comprehensive data management and workflow platform can achieve these goals.

 

How Can a Data Management Platform Help a Financial Management Firm?

Knowledge management is key to the success of all businesses. Financial companies have legal and regulatory requirements that necessitate addressing issues of access, archiving, info-sharing, and transparency. Effective communication is paramount.

Remote workers need access to as many aspects of their work as possible in order to be an effective team player. Every step of the investment process precipitates a series of notifications that propagate across the firm. When an investment decision is made, orders need to be sent to the trading desk. Risk control measures need to be examined, and compliance rules can come into play.

Executed orders need confirmations, account reconciliations performed, and client accounts require record-keeping. Marketing materials may need to be updated, clients informed of their account status, and sales and client service staff apprised of changes.

A single transaction involves a surprising number of people, all of whom need to access the data, interact with databases, and update systems to keep co-workers informed – and working. By pooling this information and workflow into a single, robust data management platform, firms can ensure their daily business will continue uninterrupted during an event that demands secure remote work performance.

 

Why is One Data Management Platform Better Than Others?

The complexity of information management for asset management firms has increased exponentially. For many organizations, separate systems have been built over time on an ad-hoc basis, often with little thought to integration with each other.

From third-party services like Bloomberg or internal spreadsheets to trade order tracking systems and compliance checks, these siloed data sources can drag efficiency and productivity when the only way to access them is through more restrictive systems like email or texting. Even worse, through face-to-face interaction only.

Even in the best of circumstances – on-site with all staff on deck – poor documentation management can reduce productivity. Every minute staff spend searching for a document, trying to schedule a face-to-face meeting, or waiting for someone else to provide data is productivity lost. Remote workers face even greater challenges if they do not have access to data, other staff, or need individual approval every time they must utilize a different system.

A single, unified system can alleviate this drag significantly – both in-house and at remote sites. With one system platform, permissions and restrictions for use of various components that feed into the system can be handled easily in one location for any member of staff . Legacy systems, third-party services, and internal workflows will still exist. However, instead of working only in regimented silos, their data can flow into an umbrella platform that captures the data and workflow in one place for anyone who needs it.

 

Remote Work is The Future of Asset Management

The current crisis will inevitably change how all businesses operate. With the disruption of supply chains, reduced manufacturing in far-flung places, and the absence of staff in a centralized location, financial management firms of all sizes must plan for business disruption beyond short-term pressure events.

Companies must position themselves to assure their clients that they can provide the highest quality service no matter the circumstances. Since the financial world in particular can be volatile on a day-to-day basis, the concept of “short-term disruption” is even narrower.

The technology exists today. Confidence in the ability of a business to perform has always been vital in attracting new clients and maintaining existing ones. Now, as we enter an extended period of uncertainty, there is one critical business decision to make.

How can your company demonstrate that it is flexible and nimble in addressing a crisis when clients need that assurance most. Operations and data management software platforms that integrate and unify investment teams, sales and marketing, compliance, risk control, and general administration must be the goal for every firm.

 

 

[/et_pb_text][et_pb_social_media_follow url_new_window=”off” module_class=”share-soc” _builder_version=”3.0.106″][et_pb_social_media_follow_network social_network=”facebook” _builder_version=”3.0.106″ custom_css_main_element=”display: none;” follow_button=”off” url_new_window=”off”]Facebook
[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”linkedin” _builder_version=”3.0.106″ follow_button=”off” url_new_window=”off”]LinkedIn
[/et_pb_social_media_follow_network][/et_pb_social_media_follow][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”on|desktop” module_class=”bottom-banner” _builder_version=”3.22″ background_color_gradient_direction=”168deg” background_image=”https://opscheck.com/wp-content/uploads/2020/02/base.png” background_position=”center_left” custom_padding=”55px||55px|” custom_padding_tablet=”68px||68px|” custom_padding_phone=””][et_pb_row custom_padding_last_edited=”on|desktop” _builder_version=”3.25″ custom_padding=”0px||20px|” custom_padding_tablet=”0px||15px|” custom_padding_phone=””][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”3.27.4″ text_font_size=”18px” text_letter_spacing=”0.4px” header_text_align=”center” header_text_color=”#ffffff” header_font_size=”32px” header_2_font=”Catamaran||||||||” header_2_font_size=”38px” header_2_letter_spacing=”1.2px” header_2_line_height=”1.1em” text_orientation=”center” background_layout=”dark” header_2_font_size_tablet=”28px” header_2_font_size_phone=”” header_2_font_size_last_edited=”on|desktop” header_2_letter_spacing_tablet=”0.9px” header_2_letter_spacing_phone=”” header_2_letter_spacing_last_edited=”on|tablet” header_2_line_height_tablet=”” header_2_line_height_phone=”” header_2_line_height_last_edited=”on|tablet”]

See how OpsCheck can upgrade
your Business Operations

[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row custom_padding_last_edited=”on|desktop” module_class=”banner-cta bn-btns” _builder_version=”3.25″ custom_padding=”||0px|” custom_padding_tablet=”” custom_padding_phone=””][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_button button_url=”#contact” button_text=”Try for free” module_class=”inline-btn try-for-free-modal” _builder_version=”3.16″ custom_button=”on” button_text_size=”21px” button_bg_color=”rgba(47,47,63,0.93)” button_border_color=”#00e8d8″ button_icon=”%%20%%” background_layout=”dark” custom_margin=”|||” custom_padding=”|50px||50px” custom_css_main_element=”display: inline-block;” button_bg_color_hover=”#565656″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”on” button_bg_color__hover=”#565656″ button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_button][et_pb_button button_url=”#contact” button_text=”Book a Demo” module_class=”inline-btn book-a-demo-modal” _builder_version=”3.16″ custom_button=”on” button_text_size=”21px” button_text_color=”#ffffff” button_bg_color=”#03bbce” button_border_color=”#ffffff” button_icon=”%%20%%” background_layout=”dark” custom_margin=”|||” custom_padding=”|50px||50px” custom_css_main_element=”display: inline-block;” button_bg_color_hover=”#565656″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”on” button_bg_color__hover=”#565656″ button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_button][/et_pb_column][/et_pb_row][/et_pb_section]