Automation of the Creation/Review/Approval and Audit

Client

The client is a leading Canadian asset-servicing organization with over 70 record-keeping clients on LTM Canada’s propriety Unitrax® platform.

Challenges

As part of setting up a new investment product on Unitrax, there are 200+ investment configuration parameters that require business review and approval. Prior to the implementation of IPM phase 2, this was a highly manual and error-prone process that involved reviewing many screens and set up tables and had the potential to impact time to market. There was no simple way to see a detailed audit of all changes, and extract the investment set up details into a standardized format for a comprehensive review and approval of the investment configuration to ensure accuracy and completeness. When the client adds new investment codes for trading, the setup needs to be validated and approved by the business with an audit trail on 200+ data points for the complex wealth products being created on LTM Canada's record keeping platform.

Based on the client’s product features only some of the configuration details are applicable to the business user for review and approval. The manual process of extracting data from the system and filtering/translating it back into business-friendly language can be a time-consuming and error-prone process. While templates exist, there is not a consistent way to extract data for downstream consumption and approval. The reconciliation of the original request to confirmation report requires tracking a trail of changes made - by whom and when - on the system.

LTM Canada Solution

At LTM Canada, we work with our clients to identify challenges and transform them into opportunities to deliver technology solutions to improve their business operations.

LTM Canada developed and implemented the new Investment Product Management (IPM) module in Unitrax with a comprehensive investment product confirmation report and enhanced audit visibility with a low code design. In this solution, the system auto generates the product setup confirmation report used to obtain business sign off where the user can configure the logs and disclaimers that will appear in the report. The overall technology framework allows for unique product features that satisfy our client’s needs.

Key features of the solution include :

• Confirmation Report : Client-controlled report parameters, auto-generated output translated to business-friendly language
• Universal Audit : Low-code design to support an audit trail on every application field with ability to search by a single investment code, an investment group, or across the entire application allowing for birds’ eye and granular views with ability to differentiate sandbox and published funds.
• Business Rules : Detailed view of business rules, ability to maintain related rules for a specific investment setup.
• Integrated Business Flows : Ease of authorizing dealers and advisors who can trade the newly created fund codes.     

The phase 2 production delivery of LTM Canada’s Investment Product Management (IPM) module, continues to demonstrate LTM Canada’s commitment to deliver innovative technology-led solutions that drive real business outcomes. The IPM module architecture, automation capabilities, and usability-focused design enables our customers to accelerate product creation with a high level of accuracy and ensure that asset managers get their investment products to market faster.

- Steve Kingston, Head - Product and Solutions