Butterfield introduces new audit, risk & compliance software technology

Butterfield introduces new audit, risk & compliance software technology

Butterfield leads the way in the Channel Islands with new audit, risk & compliance software technology

Butterfield has introduced a sophisticated software system which is set to streamline and enhance the way custodian trustee services for funds are performed and delivered to clients.

Butterfield undertook a rigorous evaluation of software solutions looking in detail at audit, compliance, and risk management functionality.

The software, developed by CMO COMPLIANCE, is a solution which will provide tools to store information, and allow user defined workflows to be configured specifically to the client's needs. The action and risk review modules provide an immediate picture of the fund, enhancing the ability to progress items effectively. Within the oversight function of the custodian trustee the system will allow analysis and trend reviews. Ultimately this will enable Butterfield to provide more detailed, bespoke reports for the Boards of the funds which they work with, assisting them with their corporate governance responsibilities. Butterfield Custody Services currently works with nine local fund administrators.

Sadie Podmore, Head of Custody Services said: "The introduction of the new system demonstrates our proactive approach to delivering technical solutions and to further enhance the partnership approach with our clients.".

"We recognised early that there is a growing trend towards change within the role of the custodian trustee, demonstrated for example in the requirements for Depositories in the draft European Directive for Alternative Investment Fund Managers , with more oversight required in terms of the Custodian's role. The in-built flexibility in the CMO system provides the ability to adapt and change as the industry and its regulators demand."

"Our innovation in this area is part of our ongoing drive to provide clients with more than the industry standard."

Butterfield is the first company in the Channel Islands to take delivery of this software and its use may be extended to other compliance areas in its' business.

Combined with our reaccreditation under the Statement on Auditing Standard 70 (SAS 70) for both custody services and custodian trustee activities, and our position as a Qualified Intermediary , this offers clients a strong partnering opportunity with regards to custodian services provided to Funds..

About Butterfield

Butterfield Bank (Guernsey) Limited is a wholly owned subsidiary of The Bank of N.T. Butterfield & Son Limited, which is regulated by the Bermuda Monetary Authority. The parent bank was established in Bermuda in 1858. In addition to Bermuda and Guernsey, the Group has offices in The Bahamas, Barbados, Cayman, Hong Kong, Malta, Switzerland and the United Kingdom. Total Group assets incorporating all of the Bank's locations as at the 31 March 2010 were US$10.1 billion.

The Butterfield Group in Guernsey has been providing services to individual and institutional clients for over thirty years and offers a comprehensive range of services tailored to suit a client's individual requirements. The key services are: custody, investment management, fiduciary, private banking, lending, treasury, services to family offices and administered banking.

Butterfield Bank (Guernsey) Limited (The Bank'), is licensed and regulated by the Guernsey Financial Services Commission under The Banking Supervision (Bailiwick of Guernsey) Law, 1994, as amended and The Protection of Investors (Bailiwick of Guernsey) Law 1987, as amended. Company registration No 21061

Butterfield Bank (Guernsey) Limited is a participant in the Guernsey Banking Deposit Compensation Scheme. The Scheme offers protection for 'qualifying deposits' up to 50,000, subject to certain limitations. The maximum total amount of compensation is capped at 100,000,000 in any 5 year period. Full details are available on the Scheme's website: www.dcs.gg or on request. Butterfield Bank (Guernsey) Limited tel: +44 1481 711521

Deposits with Butterfield Bank (Guernsey) Limited are not covered by the Financial Services Compensation Scheme established in the UK under the Financial Services and Markets Act 2000, nor are deposits covered by any equivalent scheme outside of the Bailiwick of Guernsey. There is currently no Financial Services Ombudsman Scheme operational in Guernsey

Butterfield Trust (Guernsey) Limited is licensed and regulated by the Guernsey Financial Services Commission under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000, as amended. Company registration No 31645

For both companies the Registered Office address is: Regency Court, Glategny Esplanade, St Peter Port, Guernsey GY1 3AP.

Both companies are also registered under the Data Protection (Bailiwick of Guernsey) Law, 2001.

About CMO COMPLIANCE

CMO COMPLIANCE is a market leader in enterprise audit, risk, compliance andquality software solutions for global corporations and regulators. CMO COMPLIANCE solutions are used by leading corporations and regulators such as the Royal Bank of Scotland, Barrick Gold, ISS, Owens Corning, Intertek, Kerry Foods, Direct Energy and Philip Morris in a range of industries including Pharmaceuticals, Food, Energy, Government, Facility Management and Financial Services to manage their quality processes, regulatory and industry-mandated compliance and corporate governance initiatives. Further information is available at www.cmo-compliance.com or specifically http://www.cmo-compliance.com/software_on_demand/Financial_Services_Audit_Inspection_Software.html

POST COMMENT

Why Is New York Tourism On The Rise? The Solar Future: India 2011 To Chart Roadmap For Indias Emergence As A Solar Superpower Green Diy Energy Global Anti-Virus Breakthrough. New Global Anti Virus USB Scanner Top 10 Ways To Save Energy At Home Global Anti-Virus Review - Does new Global Anti Virus Portable scanner work? 8 Simple Styles to Make Your New Year's Resolution Stick Decorate The Interior Of Your Home With Led Lighting Ready For New York Tours? What Are The Things To Do In New York City? What To Do In New York City? How To Start The Solar Panels Installation The New York Used Car Lemon Law