Active Policy Management software to ensure compliance with SEC/NASD regulations, internal policy and Sarbanes-Oxley Act
Orchestria, the global leader in the fast-emerging Active Policy Management (APM) software market, today announced that one of the world’s largest asset management firms has chosen its software to ensure that staff email and instant message communications comply with all regulatory and business policies. The decision was made following a successful month-long pilot with selected users in multiple countries.
The customer, which manages close to $200bn in institutional and retail investments, is committed to the highest levels of quality in its business operations. It recognized that the speed and informality of email and instant messaging had created an environment in which external regulations and internal policies could be intentionally or unintentionally infringed, presenting the company with an unacceptable business risk.
To mitigate this risk, the company has chosen to deploy the latest version of Orchestria’s APM software. Orchestria 3.0 assures compliance with regulatory and business policies through two key methods, Policy Enforcement and Intelligent Surveillance.
In Policy Enforcement mode, Orchestria detects and stops policy violations before they occur across all major communications channels including email, web, IM, BlackBerry, and Bloomberg. The asset management company will use Orchestria in this mode to ensure that staff emails, instant messages and BlackBerry communications comply with trading rules laid down by the NASD and SEC, as well as with internal policy and the terms of the Sarbanes-Oxley Act of 2002.
The company will use Orchestria in Intelligent Surveillance mode to apply policy after communications have been sent, in order to determine which communications have the highest likelihood of policy violation so that they can be routed to and further reviewed by a compliance officer.
The company first evaluated the Orchestria software in August 2004 and went live just three weeks later. The software is now being rolled out to the customer’s global employee community by Orchestria consultants, and is expected to be fully live across the organization by February 2005.
“The speed with which this company made the decision to implement Orchestria shows the growing need for active policy management in the asset management sector,” said Bo Manning, chief executive officer of Orchestria. “This company has a formidable worldwide reputation for integrity and trustworthiness and is dedicated to employing best practice in all aspects of its operations. Now with Orchestria, it can ensure that best practice in electronic communications is always observed.”
The customer is the 9th major financial institution to choose Orchestria for active policy management.
Orchestria Corporation is the global leader in the fast-emerging Active Policy Management (APM) software market. APM software provides the only truly effective means of assuring compliance with all forms of regulatory and business policy as it relates to electronic communications (email, IM, BlackBerry, Bloomberg, etc.) and web activity. In today’s regulatory and business environment, failing to assure policy compliance has become an unacceptable business risk.
Orchestria is used by many of the world’s largest investment banks, asset managers, and mutual fund companies. Additionally, leading solution providers to the financial services industry such as Bloomberg are embedding Orchestria software in their solution offerings to provide comprehensive compliance capabilities. Leading industry analysts, Radicati, have recognized Orchestria as “unique” and “sophisticated” in its ability to deliver Active Policy Management.
Orchestria supports both fundamental approaches to Active Policy Management: Policy Enforcement and Intelligent Surveillance. In Policy Enforcement mode, Orchestria recognizes policy violations in electronic communications and web activity before the communication is sent or web transaction is completed thereby stopping the violation before it occurs. In Intelligent Surveillance mode, Orchestria enables compliance personnel to effectively target their surveillance/review efforts on electronic communications and web activity that has a high probability of violation as opposed to the more traditional approach of simply reviewing a small set of random emails.
Founded in August 2000, Orchestria is headquartered in New York with sales offices in Boston and London. More information is available at www.orchestria.com.
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