Following a number of years working with some of the region’s largest financial institutions, Asset Control has unmatched knowledge and expertise in handling complex local data structures and conventions. As part of its local expansion, Asset Control continues to add support personnel to its Sao Paulo Center of Excellence which was established in 2013.
Richard Petti, CEO for Asset Control, comments: “The global financial crisis has had a huge effect on market structures and regulations worldwide. By using a powerful, yet flexible data management tool like AC Plus, financial firms in Latin America are increasing efficiency, reducing costs, and making significant improvements in transparency and risk management to meet both local and global regulations. Our system helps institutions to demonstrate compliance and transparency to a domestic level arguably even more stringent than their international counterparts - all due to the region’s specific local requirements.”
A particular challenge for financial institutions in Latin America is ‘tropicalization’. Latin American economies have created unique financial products to address idiosyncratic economic conditions. Much of the work in many of the regional institutions’ existing processes relies on complex calculations developed in decentralized platforms. While effective, these calculations are manually intensive and highly dependent on specialists to understand the data. Asset Control’s experience in the region has seen it combine complex processes into an enterprise data management system that delivers automated exception processing, auditability, and high performance.
Nathan Wolaver, Managing Director, Americas for Asset Control adds: “Any firm that wishes to do business in Latin America must make sure that its product is tropicalized to support the complex local instruments and processes. AC Plus has proven ability to handle the legacy issues of local markets and has the scalability to support international tier-one banks’ data quality requirements. Our technology and expertise is transforming the way banks operate in LATAM.”
Mr. Wolaver continues: “By expanding our local presence, knowledge base, delivery and support, Asset Control is truly regionalized and better positioned to help LATAM financial institutions with their most difficult data challenges.”