Third-party wealthtech provider The Sycamore Company has introduced a surveillance platform designed to help broker-dealers mitigate risk by elevating their ability to surveil, detect and monitor advisor activity within their organizations. The new surveillance platform’s functionality supports compliance teams by aggregating data, surfacing critical insights and increasing accuracy and efficiency. Platform capabilities include the capture and normalization of data, which is then made accessible through configurable alerts, dashboards and business intelligence.
“From severe fines to reputational damage, there are serious consequences for broker-dealers that fail to establish and maintain effective surveillance systems,” said Mike Overdorf, President and Founder of Sycamore. “It has never been more critical for broker-dealers to deploy a highly- capable system that can mitigate those risks.”
The platform empowers compliance teams to aggregate and normalize millions of records across all data sources in one place, run filters to mine that data for anomalous records or patterns and generate reports for their firm’s management team, business units and regulators as needed.
The platform is embedded with 30 pre-configured surveillance rules and flexible data interrogation capabilities that can analyze underlying metadata and associated information around trades and communications.
“Broker-dealers need to prove to clients, stakeholders and regulators that they are effectively and comprehensively managing a variety of risks and threats at all times, and they need the right surveillance technology to do it,” Overdorf said.
The launch of Sycamore’s surveillance platform – which is part of Sycamore’s end-to-end compliance solution – comes on the heels of its recent integration with Quik!, a cloud app that simplifies form automation and update management.
