Source: SunGard
SunGard (NYSE:SDS) announced today that correspondent clients of RBC Dain Correspondent Services (RBC Dain CS) have begun using SunGard's Protegent BrokerAudit, a Web-based compliance and surveillance solution for correspondent firms to aggregate data and perform daily surveillance on their trading and account activities.
Minneapolis-based RBC Dain Correspondent Services partnered with SunGard to provide Protegent BrokerAudit as a value-added service for its correspondent clients nationwide.
Drew Sycoff, president of Andrew Garrett Inc. in New York, a correspondent client of RBC Dain CS using BrokerAudit, said: "Protegent BrokerAudit is the tool our firm needs to help monitor our growing business. By offering these surveillance capabilities through SunGard, RBC Dain has been both attentive and proactive in helping us to enhance our business success."
"Our correspondent clients needed additional automated and integrated solutions to help them meet their compliance obligations, and we are now able to provide them with this tool through SunGard's Protegent BrokerAudit solution," said Steve Brown, director of client services at RBC Dain Correspondent Services. "RBC Dain serves a diverse range of correspondent firms, and Protegent BrokerAudit helps to meet their individualized requirements by providing aggregated data and parameter-driven rules in one flexible, Web-based application."
Designed specifically for correspondent firms, Protegent BrokerAudit uses daily information provided by RBC Dain's processing systems that house each correspondent's client name and address files, trade blotters on daily transactions, receipt and delivery of securities, and risk profiles. Correspondents access Protegent BrokerAudit to perform over 40 different analyses on account and trading activity, and flag the necessary alerts or "out of tolerance" conditions. Protegent BrokerAudit gives correspondents the ability to set specific rule-based parameters for setting trigger points, and provides detailed reports on exceptions and rules violations. The system monitors 120 conditions that screen account activity for potential problems areas, such as restricted account activity, short sales, and money laundering.
"With Protegent BrokerAudit, our clients now have an economical way to implement a compliance system that can handle their individual tolerance rules," said Dennis Hollenkamp, vice president, technology services at RBC Dain Correspondent Services. "Protegent BrokerAudit was simply the best system we could find for serving the needs and the volume of correspondent firms we support."
"Protegent BrokerAudit helps firms offering correspondent services to provide a compliance solution for helping reduce compliance risks without significant capital expense to each firm," said David Tilkin, executive vice president and product director for SunGard's compliance and surveillance solutions. "Protegent BrokerAudit helps to ease the economic and technical burdens often placed on correspondents to find, use and manage their own compliance solutions, while offering a robust, flexible option."