Butterfield introduces new compliance software technology
Butterfield has introduced a sophisticated software system which is set to streamline and enhance the way custodian trustee services for funds are performed and delivered to clients.
Butterfield undertook a rigorous evaluation of software solutions looking in detail at audit, compliance, and risk management functionality.
The software, developed by CMO COMPLIANCE, is a solution which will provide tools to store information, and allow user defined workflows to be configured specifically to the client’s needs. The action and risk review modules provide an immediate picture of the fund, enhancing the ability to progress items effectively. Within the oversight function of the custodian trustee the system will allow analysis and trend reviews. Ultimately this will enable Butterfield to provide more detailed, bespoke reports for the Boards of the funds which they work with, assisting them with their corporate governance responsibilities. Butterfield Custody Services currently works with nine local fund administrators.
Sadie Podmore, Head of Custody Services said: “The introduction of the new system demonstrates our proactive approach to delivering technical solutions and to further enhance the partnership approach with our clients.”.
“We recognised early that there is a growing trend towards change within the role of the custodian trustee, demonstrated for example in the requirements for Depositories in the draft European Directive for Alternative Investment Fund Managers , with more oversight required in terms of the Custodian’s role. The in-built flexibility in the CMO system provides the ability to adapt and change as the industry and its regulators demand.”
“Our innovation in this area is part of our ongoing drive to provide clients with more than the industry standard.”
Butterfield is the first company in the Channel Islands to take delivery of this software and its use may be extended to other compliance areas in its’ business.
Combined with our reaccreditation under the Statement on Auditing Standard 70 (SAS 70) for both custody services and custodian trustee activities, and our position as a Qualified Intermediary, this offers clients a strong partnering opportunity with regards to custodian services provided to Funds.