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Riskalyze launches Compliance Cloud big data platform


Riskalyze has launched a big data platform called Compliance Cloud, which aims to help large wealth management institutions sift through massive data and spot issues before they become problems.

“Our broker-dealer and RIA partners have a missile aimed at the heart of their operations: mounting audits, SEC demands for risk-based compliance assessment and FINRA’s effort to find enforcement targets with CARDS,” says Riskalyze chief executive Aaron Klein. “Fortunately, with Compliance Cloud, the era of the ‘random account spot-check’ is officially over.”
Compliance Cloud helps compliance and supervision teams at broker-dealers and large registered investment advisory (RIA) firms find accounts with inappropriate investments for their objectives; with concentrated positions; with high-risk positions; with excessive cash; with periods of inactivity and more. Searches can be sliced by client, advisor, balance and risk level. Case management and resolution workflow for compliance and supervision teams are built into the technology.
Compliance Cloud recalculates the risk across millions of client holdings every night, indexes the results and delivers a Google-like ability to search the accounts for potential problems. Clients can easily connect the existing account data feeds from their custodians, clearing firms or aggregation providers.
“Broker-dealers need to know what CARDS is going to tell FINRA next year, but they also need to change the outcome before CARDS goes live,” says Michael McDaniel, chief investment officer at Riskalyze. “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.”
While many broker-dealers and RIAs have successfully adapted to ever-tightening regulations, 2015’s deployment of FINRA’s Comprehensive Automated Risk Data System (CARDS) initiative will open a new era of scrutiny that broker-dealers must be prepared for. In addition, the SEC is telling firms of all stripes that they need a risk-based assessment of their accounts to uphold their obligations.
Orion Advisor Services is the premier launch partner for Compliance Cloud. Large RIAs who use Orion can implement the product with almost zero data feed setup work required. Orion will make Compliance Cloud available directly to its large RIA clients through its extensive nationwide sales team.
“At Orion, we know a thing or two about revolutionary technology that helps advisors enjoy their business again, and Compliance Cloud is a game-changing tool for the large RIA clients that we serve,” says Orion CEO Eric Clarke. “We’re pleased to make Compliance Cloud available as a seamless addition to the portfolio accounting systems that our advisors rely on.”

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