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Independence Global Monitoring System
What is it?
Independence is a global, enterprise system that provides your firm with the capability to disclose, mitigate, and monitor conflict of interest and other compliance policy risks.
How does it work?
Kingland Systems developed Independence in the late 1990s in response to the U.S. Securities and Exchange Commission's (SEC) Auditor Independence Initiative. Independence provides the tools to identify, disclose, and monitor the financial interests and relationships of large, multi-national companies and their employees, effectively managing the risk of possible regulatory sanction or non-compliance with company-specific policy. Independence's robust browser-based software is built to monitor hundreds of thousands of firm global clients and users, in addition to millions of possible financial relationships.
Key Features
The features of Independence act as a proven set of functions that can be configured and integrated to meet the specific needs of our clients.
Managing Independence Regulations and Restrictions
These core features provide client-proven mechanisms for notifying and controlling compliance rules.
- Restrictions - Manage and enforce compliance restrictions (securities, companies, and relationships that are associated with a defined set of rules) specific to your firm, including the ability to indicate regional restrictions as well has multiple restriction types
- Conflict of Interest Messages - these messages constantly remind users of a conflict and demand remediation; they may appear directly within the application or may be sent via email to users and notify a user of a conflict
- Exemptions - allows waivers for restricted records that can be managed by certain users
Application Monitoring and Administration
Independence has a complete set of administrative features that enable compliance officers and managers to customize and control the tool.
- Reporting - Supports multiple file formats, privacy policies, and fast, automated report generation
- User Administration - assign user types, monitor user rule sets, and set user capability settings
- Appearance - Customize the appearance of the application with your firm's name and logo, color schemes, text, and multiple international languages
- User Notifications - Customize the types of notifications and the look and feel of the notifications sent to a user by the many functions of the application
- Admin Functions – Configure and monitor privacy filters, application performance and authority policies
Managing Financial Data
The Independence application enables centralized management of financial data
- Security and Entity Management - Manage entities such as clients, employee’s relationships to other people, accounts, and portfolios, and financial interests such as loans, mortgages, holdings
- Global Master Data - Integrate Kingland’s Global Master Data or custom data provided by our Data Managed Research Services.
- Relationships - manage security to entity relationships and other relationship types.
- Entity-based Tracking System Model - Simplified reporting capabilities; customizable by region
- Brokerage Import – Configure the application to automatically receive holdings data from most of the major brokerage companies – taking the administration away from your employees and ensuring coverage
- Identification of holdings – Advanced, fuzzy searching, including specific searches for firm-restricted entities
- Managing Holdings – Multiple ways for users to manage their holdings, including by a portfolio, having multiple profiles, and by being associated with brokerage firm accounts
Application Security
The Independence application's security measures include:
- Single sign-on which allow your firm's network to pass user authentication credentials to Independence, avoiding the need to log on to multiple systems.
- Security questions. Users may request that their password be reset and sent to their email about by answering a list of security questions.
- Customizable password requirements based upon users and the needs of the firm. This allows for varying levels of password security.
Who uses it?
The application would generally be utilized by compliance officers and risk officers with needs to manage the actions of employees against specific conflict policies and regulations, particularly in an international environment.
How will it impact your business?
Independence is a proven application that can be customized to your existing risk and compliance requirements, saving you long application development cycles and increasing overall reliability. Global monitoring gives firms re-assurance of proper comprehensive management of conflicts of interest.
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