Z

Compliance
Management

 

COMPLIANCE MANAGEMENT FOR FINANCIAL INSTITUTIONS

For over 25 years Terrapin has provided regulatory compliance management solutions to financial services organizations.  Now, more than ever, you need a strong technology partner to navigate the new rules and regulations and the rapid pace of change in all aspects of your organization.

Our robust data aggregation platform integrates numerous sources of data, enabling clients to eliminate manual processes such as spreadsheets and actively engage with the data in a secure web based application.

We are continually upgrading Pandia, our SaaS application, to ensure our client’s compliance programs are in accordance with the financial industry’s tumultuous regulatory environment. From AML and KYC compliance to new DOL fiduciary standards, Terrapin is here to make sure regulatory requirements are met. 

Compliance and Exception Reporting

Pandia’s interactive rule and exception based reporting automates financial firms compliance and supervision processes. A core piece of our compliance solution is a comprehensive suite of exception reports that provide the necessary tools to conduct trade oversight and suitability review, and to be in compliance with KYC requirements.

Sampling of Reports:

  • Active Trading
  • AML Trade
  • Customer Account Liquidation
  • High Risk Customer Activity
  • Risk Based Trade Review
  • Trade Cancellation

In addition, online Trade Blotter and Compliance Report reviews are tracked. Linked with Compensation and Commission Processing, licensing rules for paying commissions are automatically enforced.

DOL Fiduciary Rule Compliance

Account level DOL indicators are introduced to flag and track accounts impacted by the DOL rules. We use two different types of indicators, fiduciary and exemption. Fiduciary indicator tracks account types, such as ERISA fiduciary account, grandfathered account, or pre-existing IRA. Exemption indicator captures the strategy used with an account, such as BICE Grandfathered or BICE Exemption Active.

Pandia’s new investment review feature alerts on DOL related accounts that require the advisor to meet with the client on the account anniversary. This new feature makes use of Pandia’s notes tool as a flexible method to document meeting reason and results. The type of topics discussed (ex: retirement planning, education planning, succession planning), and the details of the discussion (buy, open 529, redeem) are logged in a note field. This documentation can be tied to multiple accounts.

License Manager

License Manager is designed to help organizations in banking, insurance and financial services markets to proactively manage adherence to license requirements with security exams, insurance licenses, and carrier appointments. License Manager will import data from sources such as FINRA’s Web EFT and RegEd and integrate that data into Pandia. License Manager allows organizations to manage trade information and license information in the same system and is designed to help compliance managers oversee regulatory compliance in real time.

Books & Records

Regulatory rule compliance management for customer account records and correspondence (SEC Rule 17a-3). Letters are generated, mailed, and tracked via the system. Correspondence includes 36-Month mailing, address and name change letters, and carrier broker and branch update letters.