Security, insights, and savings
The solution helped the firm to:
- Merge 60+ workflows across multiple systems into a single interface providing easy access to clean, valuable, and shareable data
- Track and monitor key performance indicators more precisely because riskCanvas stores a variety of data to make business intelligence and analytics much easier
- Develop dynamic dashboards that answer business-critical questions around customer risk exposure, cross-business risk posture, and team efficiency
- Improve the employee experience for multiple teams and workforces
- Retire a costly legacy trading account reporting tool and more easily meet new and tougher due diligence requirements
- Reduce the need for expensive licenses and support tools
Today, using riskCanvas' risk scoring system, the firm is confident that it not only meets but exceeds due diligence requirements. This has virtually eliminated the risk of huge fines and reputational damage.
What's more, the migration to AWS has saved the firm millions of dollars. Computers, which now run overnight uploading and processing materials, are far more cost-effective. Plus, the company is saving millions in licensing fees, support tools, person-hours, and managed service fees.
But it doesn't stop there. The brokerage expects to see year-over-year improvements as the system implements new architectural changes, onboards new business processes, and updates new federal requirements in real time.