Compliance Control Room takes conflicts monitoring in a new direction, providing financial firms a single platform from which to manage and organize deal information flows and reduce overall firm risk
Rockville, MD—September 18, 2019—StarCompliance today announced the launch of its new financial compliance software: Compliance Control Room. Compliance Control Room is an enterprise-level platform which centralizes a firm's deal-related information flows to better organize, analyze, and record critical firm activity like wall crossings, watch and restricted lists, firm research, insider lists, and more. Compliance Control Room is the end result of a year and a half of development and marketplace research—to provide a solution specifically for those within investment banks, asset management firms, and private equity firms concerned with managing and monitoring deal-related conflicts.
"Understanding the information we have in the bank is key to managing it," says the Head of Compliance Control Room at a leading international bank, which recently implemented Star’s Compliance Control Room product. "You can't do that from spreadsheets anymore. Capturing MNPI, no matter where it originates from, is critical. Data needs to be stored in a safe place. You need proper record keeping and audit trails. You need good report generation. The software has to be easy for front line people to use and tech teams to integrate with. This is what we looked for in a control room product. The must haves."
The aforementioned bank is one of several large, global clients already using Compliance Control Room—industry partners that helped steer the direction and development of Star's newest solution. "Whenever you launch a new product, it’s essential to have good partners who believe in you and are willing to collaborate and help drive requirements,” says StarCompliance CEO Jennifer Sun. “This gave us the confidence to know that what we built with Compliance Control Room is truly a product that works for large, complex financial institutions which are managing hundreds and thousands of deals a year."
Compliance Control Room surfaces potential conflicts from across the business by analyzing deal data, along with data from other enterprise applications, to perform automated conflicts checks. Data sources can include employee and client data, trading systems, litigation databases, credit systems, sanction systems, and PEP data sources. Compliance Control Room also allows for integration with CRM systems, letting sales teams create deals within their company's CRM and have that data flow seamlessly into Compliance Control Room.
Compliance Control Room occupies a complementary market space to that of Star’s employee conflicts monitoring product, and was hence a natural area for Star to extend into. Encouraged by clients who found themselves handling MNPI and deal-conflict monitoring with manual processes or legacy software, Star was motivated to develop a solution for the global control room space.
Again, Sun: "Deal-conflict clearance is a complex business. So many individuals and entities—both internally and externally—touch every deal, and to clear them properly you need a lot of information. The more people that are involved in each deal, and the more deals you have in motion, the more data there is to monitor. The control room space was ready for software innovation."
To learn more about StarCompliance’s newest product, Compliance Control Room, click here.
StarCompliance is a leading provider of compliance technology solutions. Trusted globally by enterprise financial firms, the STAR Platform empowers organizations to achieve regulatory compliance while safeguarding their integrity and business reputations. Through a customizable, 360-degree view of employee activity, the STAR software enables firms to automate the detection and resolution of potential areas of conflict while streamlining daily workflows and increasing efficiency. www.starcompliance.com