Forensic Compliance Assessment to Provide Relief to Overloaded Buy-Side Professionals Facing Mounting Transaction Volume and Dynamic Regulatory Changes
BOSTON, MA, (April 28, 2015) - IMP Consulting, the implementation experts in compliance, risk and trading systems, today announced the release of CLEAR™ (Compliance Library Enhancement and Audit Review) as the latest addition to its growing Compliance Rules Management Service.
CLEAR is a recurring rules library and process audit that identifies and corrects problems and helps prevent costly errors that occur when a regular and vigorous testing of the library has been deferred. IMP’s independent third-party analysis of a firm’s automated compliance rules library provides investment management firms with an actionable and realistic plan to correct current issues and eliminate gaps.
“I’m pleased to see IMP Consulting on the front lines of addressing such a critical compliance need for investment firms," said Yvonne Pytlik, Corporate Chief Compliance Officer at Virtus Investment Partners. “An expert, third-party review of the automated rules library gives peace of mind that it is performing correctly and efficiently.”
IMP Consulting, founded in 2004, developed CLEAR after observing over time that once the detailed work of implementing a rules library had been completed, ongoing maintenance of the system was minimally performed due to a lack of time, resources or skill sets to fully control and standardize rules.
“A ‘set it and forget it’ approach to rules management is a high risk path that has unfortunately become the default for overtasked compliance teams faced with the challenges of growing transaction volume, new funds, new policies and new product functionality,” said Jane Stabile, President of IMP Consulting. “What IMP brings to the market is a team of dedicated consultants and rule coding experts with hands-on industry experience in compliance and technology. This ensures that clients leveraging the CLEAR service year-to-year can keep pace with the high speed of regulatory change without slowing down the trading desk.”
The benefits of CLEAR include cost containment and reduction in operational risk. The service focuses on four major areas:
· Rule Library Analysis – forensic assessment of the existing rules library
· Rule Management Analysis - process review of systems and controls
· Assessment Report - realistic recommendations for rule updates, consolidation, standardization, process, controls, and change management
· Implementation – execution on recommended changes
The CLEAR service can be implemented by contacting IMP for an initial discovery session. For more information, contact IMP Consulting at (617) 314-7415 or email firstname.lastname@example.org.
About IMP Consulting
IMP Consulting helps buy-side investment management firms and hedge funds successfully implement and maintain trading and compliance systems. IMP also offers advisory services, system review and selection, and management of outsourcing projects. Known for their deep subject matter expertise in OMS, EMS, Compliance and Accounting Systems, IMP's Consultants understand the commercial landscape and have broad, hands-on experience with the world's leading investment software products. To learn more, please visit www.impconsults.com or call (617) 314-7415.