subject: Corep, What Does It Mean. [print this page] Asset management software is a business practice that involves managing and optimizing the purchase, deployment, maintenance, utilization, and disposal of software applications within an organization. According to the information technology infrastructure (ITIL), SAM is defined as all of the infrastructure and processes necessary for the effective asset management software, control and protection of the software assetsthroughout all stages of their lifecycle.
For many organizations, the goal of implementing a SAM program is very tactical in nature, focused specifically on balancing the number of software licenses purchased with the number of actual copies installed. In doing so, organizations can minimize liabilities associated with software piracy in the event of an audit by a software vendor or a third party such as the business software alliance (BSA). SAM, according to this interpretation, involves conducting detailed software inventories on a periodic basis to determine the exact number of software installations, hedge fund solutions, comparing this information with the number of licenses purchased, and establishing controls to ensure that proper licensing practices are maintained on an ongoing basis. This can be accomplished through a combination of IT processes, purchasing policies and procedures, and technology solutions such as software inventory tools.
An example of issues faced when scaling up discovery tools is with Microsoft's System Centre Configuration Manager (SCCM). Using metering rules to monitor software deployment and usage across a small estate is relatively easy and reliable given the total number of unique executables (.exe files) and the number of instances of each executable. If you try turning on metering rules for every packaged application and every executable in a large estate the volume of data generated quickly becomes unmanageable and expensive to maintain.
Common Reporting (COREP) is the standardized reporting framework issued by the European Banking Authority (EBA) for the Capital Requirements Directive reporting. It covers credit risk, market risk, operational risk, own fund and capital adequacy ratios. This reporting framework has been adopted by almost 30 European countries. Regulated institutions are required to file periodically COREP reports, on both a solo and consolidated basis, Hedge fund solutions using XBRL. All regulated organizations in the UK must use COREP to make their regular statutory reports by 31st December 2012
Anti-money laundering software (AML software) is a term mainly used in the finance and legal industries to describe the legal controls that require financial institutions and other regulated entities to prevent or report money laundering activities. Anti money-laundering guidelines came into prominence globally after the September 11th 2001 attacks and the subsequent enactment of the USA Patriot Today, all financial institutions globally are required to monitor, investigate and report transactions of a suspicious nature to the financial intelligence unit of the central bank in the respective country.
There are four basic types of software addressing AML software business requirements:
1. Currency transaction reporting (CTR) systems, which deal with large cash transaction reporting requirements ($10,000 and over in the U.S.)
2. Customer identity management systems which check various negative lists (such as OFAC) and represent an initial and ongoing part of know your customer (KYC) requirements. Electronic verification can also check against other databases to provide positive confirmation of ID such as (in the UK: electoral roll; the "share" database used by banks and credit agencies; telephone lists; electricity supplier lists; post office delivery database
3. Transaction monitoring systems, which focus on identification of suspicious patterns of transactions which may result in the filing of Suspicious Activity Reports(SARs). Identification of suspicious (as opposed to normal) transactions is part of the KYC requirements.
4. Compliance software to help firms comply with AML regulatory requirements; retain the necessary evidence of compliance; and deliver and record appropriate training of relevant staff.
