Thomson Reuters has formed a strategic partnership with compliance technology specialist TerraNua to help compliance managers at both buy side and sell side institutions streamline employee supervision and code-of-conduct management.
The group said that Thomson Reuters Accelus Conflicts Compliance, a new web-based solution developed through this partnership, will integrate the functionality needed to fully manage the activities of a robust and measurable compliance programme.
With regulations such as the Dodd-Frank Act and the European Union (EU) Market Abuse Directive, financial institutions (FIs) are under greater pressure to demonstrate supervision and create a more visible culture of compliance within their organisations, Thomson Reuters added.
The solution is designed to automate the monitoring and management of conflicts of interest and code of conduct issues within firms, including monitoring employees’ personal trading, detecting potential insider trading, monitoring political contributions, gifts and entertainment, and employee attestations and disclosures.
“Recent high profile insider trading cases have placed conflicts of interest high on the agenda of both regulators and trading firms,” said Brian Fahey, chief executive officer (CEO), TerraNua.
“While regulatory scrutiny is increasing, firms are seeing their compliance budgets tightening. Development of this software as a services (SaaS) solution not only reduces IT support costs for firms but fully automates their supervision activities and streamlines internal processes while enhancing auditability.”
Data from Swift’s latest RMB tracker shows exceptional growth in RMB adoption in the United Arab Emirates (UAE), witnessing a 210.8% growth in payments value of the currency since August 2014, albeit from a low base.
Sentiment in the financial services sector deteriorated in the three months to September, as firms digested the challenges of lower interest rates and the uncertainty caused by the vote to leave the European Union (EU), according to the latest CBI/PwC Financial Services Survey.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.