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Manage Relationships in Real Time

9/4/19 4:15 PM

The world is built on relationships. 

Industries are littered with non-client relationships - alliances, vendors, sponsorships and memberships. A large public accounting firm, for example, can have hundreds or thousands of these types of relationships. 

Each type can have different independence and risk treatments. And when you add decentralization, mixed with the complexity of organization hierarchies and individuals serving as directors, officers and shareholders, the challenge of understanding these relationships and how rules should be applied can feel daunting. 

The promises of automation have made life easier, but the bigger element here is being able to manage all this in real time. Several teams work together to improve synergy and efficiency - think engagement, independence, risk teams and more. Everyone is doing their best to keep up with a myriad of corporate and individual actions. 

This can be an expensive and time consuming process to ensure Independence. Let's describe a few ways teams can take advantage of real-time data that's shared across the enterprise. 

Manage Relationships
You can plan for it, but the speed and amount of data that enters your enterprise puts organizations at a disadvantage when trying to see how clients are connected. You can employ the right rules and workflows to the type of relationship in question or use search capabilities to get information, but it's still a struggle to create a complete and accurate picture.

Integrating organization hierarchy, director, officer and significant shareholder data is one way to accurately track all relationships and have a complete picture. A flexible questioning engine can also help by collecting and sorting information as well as orchestrating the research and approval processes that are internal to your firm. In addition, real-time alerts can notify you to act on material hierarchical changes so independence can be maintained and accurately assess risk.

Effective analytics can provide insights into how requests for business relationships are being adjudicated and identify patterns within member firms, engagement teams, offices, and other dimensions. Whether it's a new business relationship, a change to an existing relationship, or a periodic renewal of an existing one, automated and real-time data can efficiently orchestrate your required processes. 

Every merger, buyout and name change can affect how you and your clients are connected. Real-time data, that accurately curates sources such as news sites, the SEC and more can help you track and manage your Independence efforts. 

Track Corporate Actions
Staying compliant feels unfair. How can organizations - let alone individuals - maintain compliance when hundreds of thousands of legal entities constantly change each month? Your data management team is stressed trying to keep up and accurately identify the mergers, acquisitions, spin-offs, name changes, address updates, and more. Knowing when changes happen can help you understand your risk posture. 

Many companies rely on buying data from data aggregators and in a lot of cases, that data becomes outdated quickly. The market changes fast. The ability to accelerate the process of understanding your exposure in real time is critical to various business decisions. How have ownership structures changed? Are you still in compliance? 

Your organization needs an approach where you're not only searching for events, but you're able to interpret that data in any structure and understand the information in context. 

At Kingland, we use Text Analytics powered by Natural Language Processing (NLP) and Named Entity Recognition (NER) to help you accurately identify actionable data and insights from unstructured content containing corporate actions evidence. This information is tracked, captured and updated in real time. Sources can be time stamped so anyone can understand changes that happened in a specific period of time.

All this includes the ability to visualize your data by connecting your enterprise data to entities, enabling interconnectivity by breaking down silos across the organization. 

See how you can use real-time data to connect your people, processes and systems across the enterprise

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