If you could monitor all of the operations issues at your firm, how would you do it? And not just tracking problems in the back office, but those in the order routing, middle office, regulation and compliance areas, too – all of it.
As much as CEOs and compliance officers want to know where problems and risks are cropping up, most firms now run 20 to 30 or more systems internally. Roy Saadon says monitoring all of those systems is a daunting task, and it’s what his young firm, Access Fintech, is trying to address.
Saadon, who co-founded Traiana, launched Access Fintech in June of 2016 with a focus on providing company-wide risk profiles for banks, brokers and buy-side firms with a straightforward dashboard. So far, Saadon has attracted three global asset management firms, a global broker and two tier one banks. It’s not that there aren’t solid risk management systems out there. It’s just that firms don’t have a way to watch them holistically and handle problems efficiently.
“It would be great as a business owner to see what is going on in my organization right now,” Saadon said. “And just see a visual picture of all the things that are going wrong now. Who is working on it? Is it prioritized right? Do I own it or does my client or service provider own it across the many, many systems I have?”
Saadon said the number of systems helping and monitoring every aspect of the transaction chain has grown substantially in recent years with the introduction of new financial regulations, on top of new automations in trading and processing. And in his experience, very much can go wrong, get delayed, and pose risk to firms.
For Saadon the focus is answering the question: “What is the most important issue on the docket right now?”
Access Fintech is an example of where the financial industry is heading today – vendor neutral platforms that can work with everything from entrenched legacy systems to start-up technologies. The technology exists outside the firms, and also allows firms to test out monitoring of various departments in Access Fintech’s sandbox, without interfering with existing systems.
“I’m not out to replace vendors,” he said. “I’m here to make this more efficient. So from an IT perspective, it’s very light touch.”
Access Fintech is looking to connect to more vendors and recently added a new regtech firm for clients to its platform, Cappitech Regulation. It is not mandatory that customers use it, but it is another vendor that has been added to the platform, which feeds into the narrative about using the various types of fintech in a commoditized way.
“It’s a bit of a culture shock for clients,” he said. “It allows you to look at things from a different lens.”
Saadon said the goal now is to continue to add both customers and vendors to the platform, broadening its possible service offerings. And with MIFID II’s launch last week, he believes the technology is hitting the market at the right time.