Nimbus, a global provider of business process management software, has today announced JB Drax Honoré, the world's largest broker of listed European interest rate options, has chosen Nimbus Control to drive consistency across its operations globally.
Nimbus Control will enable JB Drax Honoré to capture and document processes that will improve transparency, governance, risk management and compliance (GRC), and employee productivity across its offices in London, New York and Paris.
The Nimbus Control software, delivered as software as a service, will facilitate streamlined operations through business process excellence and will enable JB Drax Honoré to demonstrate conformity with regulations such as MiFID.
Nimbus Control will provide the broker with a real-time view of auditing and compliance activities. As well as providing transparency of processes and responsibilities, the system will push alerts to compliance officers when specific process activities or tasks are overdue, providing greater audit control and transparency for compliance purposes. The solution will also enable JB Drax Honoré to minimise the issues associated with manual processing, ensuring the highest levels of process automation and minimizing the dangers associated with manual compliance auditing.
"As a high volume dealer on the world's derivatives exchanges, it is vital for all our staff across the front, middle and back offices to have a transparent and clearly documented view of what they need to do to get their jobs done effectively and how to adhere to changing regulatory requirements," says Benn Shepherd, CEO, JB Drax Honoré. "We chose Nimbus based on the strength of their current buy and sell side customer portfolio, their ability to implement quickly and to a specified timeframe, as well as the capacity to adapt the technology specifically to our requirements."
Using Nimbus Control JB Drax Honoré will achieve a transparent view of the company's operations, creating an online intelligent operations manual for staff. As a hosted application, staff in the broker's offices globally, will have access to consistent, approved and up-to-date processes which include links to to relevant operational controls annd compliance requirements. Built in change management and notification capabilities will ensure each employee is informed of changes which affect their role. The system also provides a means for employees to certify business controls and engage in daily or periodic compliance activities, which will significantly reduce the effort and cost associated with regulatory compliance audit and evidence.
"The financial market is one of several industries where increased regulation and the resulting need to improve process transparency is causing organisations to invest in business process excellence," says Antony Bream, Global Financial Services Sector Manager, Nimbus. "Forward thinking organizations like JB Drax Honoré, will achieve enhanced profitability and performance as well as easier and lower cost compliance with regulatory requirements and improved OpRisk control. We're thrilled to be working with JB Drax Honoré and look forward to helping them achieve their governance, risk management and compliance goals."
Currently under way, the implementation of Nimbus Control is expected to go live at JB Drax Honoré's offices globally in Q1 2010.