Updated Mar 13, 2020
Asset Management Compliance
One of our clients came to us with a problem; how to comply with FINRA’s customer asset transmit rules for managed money and mutual funds. Our solution: an asset management workflow for tracking, monitoring, and reporting on the location and status of customer funds.
We started the conversation by identifying how the system would be utilized. This gave us information used to devise our initial design. We employed our existing workflow architecture to create a solution that allows an advisor to input their received assets, allows operations and compliance users to view and track the assets, and transmit them to their desired destination.
Throughout the project, we were faced with rapidly shifting client needs, which were being driven by FINRA and audit guidelines. Due to the nature of the expanded requirements, and the risk of not being in compliance, our rapid development methodology and practices were a perfect fit for solving this problem, both accurately and within the confines of a strict timeline. Several revisions were developed that evolved and simplified the process within ever-changing regulatory exigencies. User roles, access constraints, audit reports, real-time tracking, reporting of assets in transit, reserve calculations, historical reporting, operations processing, and compliance review options were all taken into account.
User roles, access constraints, audit reports, real-time tracking, reporting of assets in transit, reserve calculations, historical reporting, operations processing, and compliance review options were all taken into account.
In the end, we provided a scalable asset tracking and reporting compliance management module that works for both the broker-dealer and regulatory groups.
This is one of many examples demonstrating Terrapin Technologies’ ability to swiftly and efficiently help our clients adapt to the ever-changing regulatory demands of the industry.