Enhancing Depositary Administration Using Workflow Automation with Navigator, by Nexus Assurance

Background

Depositary administration firms operate within a complex, multi-jurisdictional environment, facing challenges related to operational efficiency, compliance, and the demand for seamless client service. Acknowledging the evolving financial landscape, Nexus Assurance has introduced “Navigator,” an innovative digital control and governance platform designed specifically to tackle the unique challenges faced by depositary businesses.

Challenges

1. Multi-Jurisdictional Operations:
   Depositary businesses frequently operate across borders, necessitating a workflow solution capable of seamlessly supporting a multi-jurisdictional environment. Our digital control and governance platform, Navigator, is tailored to address the complexities of managing operations in diverse jurisdictions.
2. Balancing Governance and Operational Efficiency:
   Striking the right balance between governance benefits and operational efficiency is essential. The chosen workflow solution should deliver value to both senior management and operational teams, ensuring that governance enhancements do not impede operational processes.
3. Disconnected Governance Frameworks:
   In many organisations, governance frameworks, risk management frameworks, outsourcing governance frameworks, and compliance frameworks are disconnected. An optimal solution should integrate these frameworks seamlessly.

Proposed Solution: Navigator Workflow Automation Implementation

1. Activity Hub:
   User-Friendly Digital Control Checklists:
   Our digital control and governance platform, Navigator, provides customised digital checklists that are easy to build to accommodate a firm’s unique operating model, allocate, and use. Navigator’s Activity Hub supports multi-team and multi-jurisdictional scenarios, offering intuitive and efficient tools for team members. Activities can be digitally linked to regulations, agreements, SLAs, and internal policies ensuring transparency.
   Examples of Use:
   ⦁ Asset Verification and Safekeeping Workflow
   ⦁ Investor Transaction Monitoring Workflow
   ⦁ Compliance Monitoring Workflow
2. Risk Hub:
   Dynamic Risk Register: Navigator offers a new home for the Risk Register, providing a dynamic platform for tracking risk inventory in real-time. By enabling the digital linking of risks to mitigating controls in the Activity Hub, the platform streamlines interactions between the first and second lines of defence. The risk team can track their risk framework activities in real-time, optimising risk management processes.
3. Outsourcing Hub:
   Outsourcing Governance Framework: Navigator delivers a comprehensive outsourcing solution that hosts and integrates outsourcing policies, controls, and risk outcomes. Additionally, the platform’s Outsourcing Hub digitally stores and maintains the Outsourcing Register, converting it into a dynamic governance framework. This offers real-time transparency into outsourcing governance activities and associated documentation.
4. Reporting Hub:
   Automated Reporting: Navigator enables the generation of automated reports for management, boards, committees, and clients. The platform minimises the need for manual reporting, resulting in a streamlined and efficient reporting process.

Why Choose Navigator?

1. Configurability:
   Navigator is designed with unparalleled configurability to meet the specific requirements and operating model of each client and can seamlessly shape around the complexities of multi-jurisdictional and diverse organisations.
2. Implementation:
   The No-Code solution offered by Nexus Assurance ensures rapid delivery, eliminating obstacles to implementation. This is particularly important for organisations embarking on the optimisation journey.
3. Pivotability:
   Regulatory changes are inevitable, and Navigator is intelligently designed to support ongoing changes in your governance frameworks. This ensures a firm’s adaptability to regulatory shifts and supports long-term compliance.
4. Partnership:
   Nexus Assurance offers a collaborative approach, providing real-world insights and a shared commitment to optimise depositary governance. Our partnership with our clients extends beyond the product, fostering continuous improvement and responsiveness to industry dynamics.

Conclusion

In conclusion, our digital control and governance platform, Navigator, emerges as a comprehensive solution for enhancing depositary administration through workflow automation. By addressing the challenges of multi-jurisdictional operations, balancing governance and efficiency, and integrating disconnected governance frameworks, Navigator establishes itself as a strategic ally in the pursuit of operational excellence and compliance in depositary administration.