Representing its third partnership agreement this month, Broadridge Financial Solutions has signed another strategic alliance, this time with Oracle Financial Services Software to offer a best practices compliance solution for financial institutions using Oracle Mantas. Under this new agreement, Broadridge hopes to offer financial institutions a one stop shop for compliance via a managed solution that combines its outsourcing offering with the Oracle Mantas Behaviour Detection Solution.
Broadridge will market this solution, which it says will assist in the reduction of costs and complexity associated with compliance and help these firms to improve productivity. “This comprehensive web-based service will offer our clients unprecedented transparency and visibility across both their data and process activities on a cost efficient basis,” claims Marshall Levin, vice president and general manager of Broker Dealer Business Solutions at Broadridge.
The solution is targeted at identifying problematic activities related to customer interactions and trading abuses, as well as meeting compliance and risk management needs, says Broadridge. It will also integrate technology for data aggregation and data quality offered by Investigo, which was acquired by Broadridge in July last year.
Given the downward pressure on budgets and the significant reduction in headcounts, many firms have opted for ASP or outsourced solutions as quick wins in their back office operations over the last few months. Broadridge is seemingly hoping to piggyback on this trend with this new offering and given the high profile of regulation at the moment, it is likely to see some interest at least.
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