SunGard has launched a Wealth Management Regulatory and Risk Consulting Practice, part of its Wealth Management Global Services.
The goal of the unit is to help customers increase transparency, improve efficiencies and mitigate risk by helping organizations analyze business practices, staff competencies, technology platforms and third-party arrangements to assess readiness and address gaps in compliance and risk programs.
“Spending on technology will be largely devoted to addressing regulatory requirements in 2011, but vendors must help to identify and articulate other strategic and business value these IT investments offer that may not be immediately evident,” said Rodney Nelsestuen, senior research director of financial strategies and IT investments at TowerGroup.
SunGard EVP for Wealth Management Melissa Cullen added: “Risk and regulatory compliance can impact nearly every operational process and technology platform in banks, brokerage and trust firms. Within the coming years, financial services institutions will continue to face a multitude of regulatory and accounting changes. At the same time, they will need to control systemic, counterparty and financial risk, and increase efficiencies and service. By offering a consulting practice staffed by subject matter experts with deep domain knowledge, SunGard is able to help customers assess their specific risk and regulatory challenges.”