New calculator shows compliance executives the true costs and savings of compliance remediation projects.
July 11, 2013 – New York: Alacra, Inc., a leading provider of business information solutions for financial institutions and professional service firms announces the release of the new Alacra Compliance Remediation Calculator. The new Calculator is designed to assist executives in understanding the cost of remediating or “refreshing” onboarded client information.
“Remediation projects get kicked off when a firm (or regulator) finds that the process it has used to on-board customers and counterparties in the past is no longer adequate for the current environment. These relationships — and there may be tens of thousands of them — must be re-examined with a new standard of due diligence,” said Mike Angle, President and CTO of Alacra.
Alacra developed this calculator over the past year and is based on client engagements and discussions with dozens of compliance professionals in the United States and Europe. The Calculator was developed by Mr. Angle and Gail Jewsbury, Vice President of Risk Products, along with input from the rest of the Compliance Team.
The Alacra Compliance Calculator brings in many common elements from Compliance Remediation projects as well as ongoing optimization. Compliance managers can plug in their firm’s data and assumptions for internal and off-shore staff. Metrics include number of entities to be remediated, staffing costs, task completion deadlines plus databases to be searched, document collection and analysis time. Once an executive plugs in their relevant details, the Calculator instantly shows project time to completion and project costs. A separate tab allows executives to factor in workflow automation and savings. The Compliance Calculator also provides instant charts for inclusion in business case presentations.
Vice President of Marketing, Josh Hill said, “We want to be good compliance community participants by offering helpful tools to make the hard work of compliance executives go a bit more smoothly. The Compliance Calculator helps more people when it is freely available.”
The Alacra Compliance Calculator instructions and Excel® file are provided on the Alacra Blog at http://www.alacra.com/blog/how-to-budget-a-compliance-remediation-project
For questions on the Compliance Calculator, please contact Carol Ann Thomas at 212.806.3841.
About Alacra, Inc.
Alacra develops workflow applications that enable 300,000 end users at over 200 financial institutions, professional service firms and corporations to find, organize, analyze and present mission-critical business information.
With almost 200 unique databases available to our clients, Alacra has under license the largest collection of premium business information in the world. We incorporate these databases into configured solutions that bring an efficient, consistent and thorough process to client onboarding, client screening, vendor risk management and front office business research. By combining licensed and web-based content Alacra also provides a range of entity reference data solutions that help our clients maintain extremely accurate legal entity data and meet global regulatory requirements.
Alacra was established in 1996. We have 60 employees and have offices in New York and London.
For press inquires and interviews, please contact:
Carol Ann Thomas