DUBLIN and NEW YORK, May 27, 2014 /PRNewswire/ --
Fenergo, the leading provider of Regulatory Onboarding, Entity Data Management and Client Lifecycle Management software solutions for financial institutions, today announced it has been named Best Enterprise Data Management provider at the Inside Reference Data Awards.
The company was presented with two awards at a gala awards ceremony held in New York, based on the recommendation of a panel of judges comprised of industry experts and representatives from leading financial institutions.
One award was presented to Fenergo for Best Enterprise Data Management Initiative in the Vendor category for its market-leading Entity Data Management (EDM) solution - a rules-driven, enterprise-wide solution that helps financial institutions build an accurate, consistent and transparent view of all clients, counterparties and related parties to support regulatory compliance and a quick and efficient onboarding process. The other award was presented to the company for Best Enterprise Data Management Initiative in the User category for Fenergo's implementation of its Entity Data Management as part of a wider Regulatory Onboarding program.
Commenting on the award win, Marc Murphy, CEO of Fenergo, said, "We are honored to be recognized as the Best Enterprise Data Management providers in the industry, and particularly delighted to win an award for the implementation of our solutions with one of our leading clients. The Fenergo Entity Data Management solution is a strategic pillar in the overall Fenergo proposition. Every Regulatory Onboarding and Client Lifecycle Management process starts with data and most regulatory initiatives share common data and documentation demands. At Fenergo, we adopt an 80/20 approach to regulatory reference data management by enabling financial institutions to intelligently re-use client and counterparty data and documentation across various regulatory initiatives such as Know Your Customer (KYC), Dodd-Frank, FATCA, EMIR, MiFID II etc. In this way, financial institutions can solve many regulations simultaneously using a 'capture-once, re-use many times' capability. We have proven this methodology in implementations with many leading financial institutions".
Underpinned by a robust business rules engine, Fenergo's Entity Data Management solution determines all the data and documentation required to support the regulatory onboarding or client lifecycle management processes with only a few key pieces of data such as legal entity type, role, jurisdiction, products and banking entity. It creates a logical, centralized source of legal entity data based on data and documentation already in existence, tracking and linking all client identifiers to create a holistic client record. It also provides a list of data and documentation not currently held by the institution, which must be collected from the client. The solution visualizes complex legal entity relationships, associations, hierarchies and structures across products and departmental silos, and manages Ultimate Beneficial Ownership based on different regulatory requirements (e.g. 10% for FATCA, 25% for KYC). It is capable of extracting useful information from digital and paper-based documentation, while storing the documentation for regulatory coverage, and tracks expiry and other changes to data/documentation (either through scheduled reviews or lifecycle events) to provide lifetime compliance.
Fenergo has recently published a product paper exploring the benefits of implementing an integrated or standalone rules engine as part of the Regulatory Onboarding, Entity Data Management and Client Lifecycle Management processes. For a copy of this product paper entitled, Implementing Rules-Driven, Risk-Based Regulatory Onboarding and KYC Processes, please email firstname.lastname@example.org.
About Fenergo (http://www.fenergo.com):
Fenergo is an award-winning provider of enterprise Client Lifecycle Management platform solutions designed to help financial institutions to manage the end-to-end regulatory onboarding process - from onboarding, to management of client and counterparty data and regulatory compliance with existing and emerging regulations.These solutions simplify and rationalize often complex operational interactions of client lifecycle management by orchestrating onboarding, regulatory compliance and KYC activities across all touch-points within the bank. Fenergo's accolades include Best Enterprise Data Management from Inside Reference Data (2014), Technology Innovation of the Year Award by the ISA (2013) and Best Customer Onboarding Solution by the Compliance Register (2012). Check out Fenergo's new animated video illustrating the Regulatory Onboarding process - http://www.youtube.com/watch?v=HWMLXXJU-RY.
For more information, please contact:
Fiona McLoughlin, Head of Marketing, Fenergo