Riskalyze, a US-based technology solutions developer, has unveiled a new big data platform called Compliance Cloud for wealth management institutions.
The new technology will help large wealth management institutions sift through massive data and spot issues before they become problems.
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The platform will support compliance and supervision teams at RIA firms to identify accounts with inappropriate investments, concentrated positions, high-risk positions, excessive cash and with periods of inactivity and more, the company said.
The technology also recalculates the risk across millions of client holdings every night, indexes the results and delivers a Google-like ability to search the accounts for problems.
Case management and resolution workflow for compliance and supervision teams are built into the technology.
Additionally, Riskalyze has selected Orion Advisor Services as the premier launch partner for Compliance Cloud, which will be available to RIA clients via Orion’s nationwide sales team.
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By GlobalDataAaron Klein, CEO of Riskalyze, said: "SEC demands for risk-based compliance assessment and FINRA’s effort to find enforcement targets with CARDS. Fortunately, with Compliance Cloud, the era of the ‘random account spot-check’ is officially over."
Michael McDaniel, CIO at Riskalyze, said: "Compliance Cloud will prepare these firms to walk into next year’s FINRA and SEC audits with thousands of documented cases of proactive problem resolution."
