Optimising Workflow Efficiency in Fund Administration with Navigator, by Nexus Assurance

Background

Fund administration firms operating in today’s globalised and dynamic financial landscape face significant challenges in maintaining operational excellence, meeting compliance requirements, and satisfying client expectations. The ‘follow the sun’ model, designed to cater to a global client base, introduces complexities in managing multi-jurisdictional operations and navigating diverse regulatory landscapes. This use case proposes the implementation of Nexus Assurance’s ‘Navigator’ workflow technology to streamline fund administration processes, addressing manual inefficiencies, complexity, compliance concerns, and evolving client expectations.

Challenges Faced

1. Manual Processes:
   Traditional manual approaches to fund administration often lead to inefficiencies, operational risks, and delays in client reporting. Manual interventions can impede the scalability and accuracy required in a global fund administration setup.
2. Increased Complexity:
   The growing number of funds and intricate investment strategies contribute to the complexity of the workflow. The solution must be sophisticated yet flexible enough to adapt to evolving business requirements and regulatory changes.
3. Compliance Concerns:
   Complying with regulatory requirements for timely and accurate fund reporting presents challenges for manual processes. The multi-jurisdictional nature of operations requires a solution capable of navigating diverse regulatory landscapes.
4. Client Expectations:
   Client expectations include faster turnaround times, real-time updates, and reduced operational costs. Manual processes may fall short of meeting these demands, potentially affecting client satisfaction and competitive standing.

Proposed Solution: Implementation of Nexus Assurance’s Navigator Workflow Technology

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:
   ⦁ Trade Capture Workflow
   ⦁ Confirmation and Settlement Workflow
   ⦁ Regulatory Reporting Workflow
2. Risk Hub:
   Dynamic Risk Register: Navigator’s Risk Hub offers a fully integrated and customisable risk register, providing real-time visibility of a firm’s risk status. By enabling the linking of risks digitally to mitigating controls in the Activity Hub, the platform streamlines interactions between the first and second lines of defence. This empowers the risk team to optimise risk management processes with valuable real-time insights.
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. The platform is completely flexible, ensuring its adaptability to unique business structures.
2. Implementation:
   The No-Code solution provided by Nexus Assurance ensures a speedy delivery, removing impediments to implementation. This is crucial for organisations aiming for efficiency and quick optimisation.
3. Pivotability:
   Regulatory changes are inevitable, and Navigator is intelligently designed to support ongoing changes in 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 fund administration workflows. Our partnership with our clients extends beyond the product, fostering continuous improvement and responsiveness to industry dynamics.

Conclusion

In summary, the implementation of Navigator in fund administration streamlines transaction processing, tackles manual challenges, improves compliance, and assists firms in meeting the evolving expectations of clients. Navigator stands out as a strategic choice for fund administration firms seeking operational excellence in a globalised environment due to its configurability, rapid implementation, adaptability to regulatory changes, and the collaborative partnership approach of Nexus Assurance.