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 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
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 builds trust amongst staff, as well as between a firm and its clients.
In the past, teams within a firm would work independently, creating information silos that were not beneficial to the sharing of information. Trust—shown by studies to be key to successful process management—would fail, due to lack of recognition for 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 monitors the risk controls and execution, while client service provides 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 handle the smooth flow of administrative matters.
Teams Will Always Overlap
However, all of these areas overlap in some way. The same data and information is required to do different parts of the asset management process. Interaction is shared via the information technology platforms that demand a network of data-sharing, company-wide.
A firm-wide, global approach to document management allows data and information to break free of silos. Only then can it become 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.
This enables client functions to be carried out confidently since they are assured of working with the latest version of information. A critical component is added when the history and actions of each process— from start to finish—are recorded. Not only can data be found but any errors can be traced and the management of the process reviewed.
Technology Provides Seamless Integration
With today’s software tools, you can have full visibility and complete oversight of all your business processes. The right program will eliminate silos and allow for seamless communication. Cloud-based technology brings proven advances in task, project and workflow management in a single solution. No more spreadsheets, emails or Outlook are needed for managing your business operations.
Operational risk is mitigated by a compliance control, operations and oversight platform that enhances communication, gives full transparency, and makes everyone accountable. It’s easy to get started, easy to operate and cost effective.
Ours is the only system designed by veteran finance professionals to solve the industry-specific problems face by financial organizations. Your internal and external stakeholders will appreciate its value.
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