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Document and Process Management elevate Asset Management firms

by Frank Caccio | May 19, 2020 | Uncategorized
business process and document management

Once upon a time, a “paper trail” meant just that—a comprehensive record of a process, its implementation, the results and the letters and reports that supported and analyzed them—all on paper. Today, of course, the means for archiving data and information have exploded in multiple directions. Paper trails can now come in the form of an email, software files, voicemails, and personal digital devices. Maintaining an accurate record of the history of process has become more complex—and more critical when it comes to compliance regulations.

Document Management demands priority today

Transparency has become the byword in the asset management world for clients, staff, and regulators of all stripes. The sharing of information with accuracy, accessibility and security plays into the building of trust amongst staff, as well as between a firm and its clients. In the past, teams within a firm often worked independently, creating information silos that were not conducive information-sharing. Trust, which studies have shown to be key to successful process management, often failed due to a lack of recognizing interdependence and the demands of open communication.

Individual teams, of course, will always have primary responsibility for their area of expertise. Asset managers will create strategies, operations will monitor the risk controls and execution, and client service will provide strong client support. Meanwhile, the compliance regime will assure adherence to laws and regulations, marketing will get the word out to current and prospective clients, and support staff will execute the smooth flow of administrative matters.

All of these areas, however, overlap in some way. The same data and information is required to do different aspects of the asset management process. They often will interact via the information technology platforms that demand a network of data-sharing firm-wide.

Through a firm-wide global approach to document management, data and information
breaks free of silos and becomes a unified, accurate tool for high performance on all levels. With a platform that provides one source for all data, designated users can be assured they have the accurate data they need. It also makes sharing it with the appropriate staff possible. Thus, client functions are carried out confidently since they are assured they are working with the latest version of information. An important additional component arises when the history of creation and action with this information becomes available for not only finding data, but error-tracing and process management review.

How OpsCheck can help?

OpsCheck is an Operations/Compliance Control and Oversight application that mitigates Operational Risk, enhances communication, offers full transparency, and makes everyone accountable. OpsCheck brings proven advances in task, project and workflow management software to you in a single tool. No more spreadsheets, emails and Outlook are needed for managing business operations. It’s easy to get started, easy to operate and is cost effective. Many reputable firms have already subscribed. Internal and external stakeholders will appreciate its value. OpsCheck promotes a culture of Operational Excellence!

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