Financial institutions today are under increased pressure to address requirements of governance, risk, and compliance (GRC) programs, introducing challenges in ensuring the compliance of back office operations with regulations and policies.
For example, consider the following scenarios:
- Managing exceptions to reporting regulations set by securities agencies such as the NASD and the FSA
- Detecting and reporting exceptions in post trade confirmations
- Monitoring SWIFT and FIX messages, and matching buy and sell orders with correspondent bank acknowledgements
Answering the needs of back office transaction compliance demands a new style of composite business applications, which facilitates visibility, control, and activity management with real-time exception detection, and integration across heterogeneous information silos, individuals and teams.