SunGard has launched a regulatory and risk consulting practice as part of its Wealth Management Global Services.
The regulatory and risk practice will help customers increase transparency, improve efficiencies and mitigate risk by helping organizations analyze business practices, staff competencies, technology platforms and third party arrangements, according to SunGard.
The vendor points out that compliance officers must provide quick responses to changing and new regulatory requirements. In a post-crisis industry, bank, trust and brokerage organizations must also manage the impact of counterparty risk. By assessing business process management, risk management, reporting and compliance programs and technology, firms will be better prepared to address shortfalls, improve efficiencies and service and reduce risk.
Financial reform and risk management initiatives may also generate new opportunities and challenges in managing cross-platform information and delivering on-demand data and real-time metrics in order to respond to queries from regulators, management and clients, SunGard said.
Rodney Nelsestuen, senior research director, Financial Strategies & IT Investments at TowerGroup, said, "Spending on technology will be largely devoted to addressing regulatory requirements in 2011, but vendors must help to identify and articulate other strategic and business value these IT investments offer that may not be immediately evident. Top trends in technology in financial services must be tempered by a deep understanding of both the business value of the technology and the pure efficacy of the technology itself as it will fit, or not, in a given FSI's architecture." Melissa Cullen, executive vice president for SunGard's wealth managementbusiness, said: "Within the coming years, financial services institutions will continue to face a multitude of regulatory and accounting changes. At the same time they will need to control systemic, counterparty and financial risk, and increase efficiencies and service. By offering a consulting practice staffed by subject matter experts with deep domain knowledge, SunGard is able to help customers assess their specific risk and regulatory challenges, while also implementing solutions to address these challenges within the required timelines."
Melanie Rodier has worked as a print and broadcast journalist for over 10 years, covering business and finance, general news, and film trade news. Prior to joining Wall Street & Technology in April 2007, Melanie lived in Paris, where she worked for the International Herald ... View Full Bio