Bank of New York Mellon (BNY Mellon) has launched MyOnCore, an online portal solution that helps investment managers in controlling and monitoring their governance parameters around their outsourced arrangements.
MyOnCore is said to enhanced transparency by giving investment managers who have outsourced their middle-office functions improved oversight on their operations.
"In addition to monitoring individual business services, MyOnCore's dashboards can also be used to govern the overall outsourcing relationship, as traditional Key Performance Indicators (KPI) reviews are too infrequent for today's environment," says John Lehner, global head of outsourcing at BNY Mellon's Asset Servicing business. "The more effective risk and compliance monitoring the dashboards offer provides early warning signals and triggers remedial action. Online tools need to be intuitive and easy to use, and should be continually enhanced and receive frequent updates. Moreover, they can be used to enhance other functions, such as cash management and collateral processes."
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