Sell-Side Technology Awards 2016: Best Sell-Side Compliance Product — Fenergo

Every year, judges vote for vendors that provide solutions to the most pressing compliance and regulatory concerns. That's why throughout the history of these awards, this category has had a different name in the winners' circle. It started with Dealogic in 2013, followed by Citicom (2014) and CounterpartyLink (2015). This year is no different, as Fenergo and its Client Lifecycle Management (CLM) platform takes home their first win in the category.

The Dublin-based vendor’s solution helps firms manage end-to-end regulatory onboarding and entity data management processes. Joe Dunphy, vice president of product management at Fenergo, says the crux of what sets CLM apart from other solutions in the space is its constant interaction with its community of clients.

“We have an active client community involved in client advisory boards at a senior level, a regulatory forum at a mid-level, and user-groups on a ground-user level,” Dunphy says. “Being completely focused on Client Lifecycle Management for financial institutions means that we can design, develop and deliver solutions that bridge the end-to-end client lifecycle journey in its entirety, rather than focus on solutions for a specific element of that journey, e.g., AML screening or those who see CLM as just one solution among a wider corporate strategy.”

Fenergo’s CLM tracks, merges and groups client identifiers, creating a unique record for each client and centralizing all KYC data, relationships, affiliations, corporate structure, ownership model, interlinked entities, and ultimate beneficial owners. The platform also connects with several repositories, systems and data providers to allow for a more efficient data integration process.

Data integration has been a focus of Fenergo over the past year. Dunphy says client communities continue to reiterate that data is still a challenge for them. By and large, according to Dunphy, AML data, industry data and legal entity data are still being manually consumed and processed by institutions.

When firms combine this with the challenges already in place around remediating, updating and enhancing the data they already have, the problem intensifies. That’s what led to one of CLM’s latest enhancements, according to Dunphy.

“We came up with Fenergo Data Integration Manager as a way to help financial institutions automatically consume, process and route this data to the right internal systems,” Dunphy says. “To achieve this, we are working with industry partners in the data and service space—the DTCC’s Clarient, Avox and Omgeo, Markit-ISDA Amend, and kyc.com, etc.) to provide standardized, out-of-the-box solutions to the market.”