To assist financial institutions with common compliance challenges
Broadridge Financial Solutions has formed a strategic alliance with Oracle Financial Services Software to offer a compliance solution for financial institutions using Oracle Mantas.
Broadridge will market a managed system that combines Broadridge’s expertise in technology-based outsourcing services to the financial services industry with the Oracle Mantas Behavior Detection System. According to Oracle, the Oracle Mantas Behavior Detection System helps to avoid risk, exceed regulatory requirements, and enhance customer relationships.
The alliance with Oracle Financial Services Software is expected to enable Broadridge to drive new growth opportunities and offer its clients a compliance solution that will assist them with reducing the costs and complexity associated with compliance, while at the same time helping these firms improve productivity.
The system is expected to assist financial institutions with common compliance challenges, including: new regulations, the overwhelming burden of compliance management, risk management, customer suitability, representative oversight, trading abuses and mutual fund sales compliance to identify problematic activities related to customer interactions.
Kiran Narsu, vice president of global sales for Mantas and Reveleus at Oracle Financial Services Software, said: In the competition for market share, financial institutions simply cannot risk the damage to reputation, client trust resulting from financial crime and illicit activity. Financial institutions will benefit from the combination of Broadridge’s outsourcing solutions and Oracle Mantas capabilities.