Roughly three in ten fund administrators (29 percent) are concerned about the lack of automation of their key operations. An additional 24 percent are concerned with data integrity, and another 12 percent with reporting errors.
These were some of the findings of a recent Confluence survey, which profiled fund administrators to find trends in the industry.
It was also found the top four back-office operations respondents plan to automate in the next two years. These included: regulatory reporting (25 percent); expense payments and budgeting (24 percent); financial statement reporting (20 percent); and performance reporting (20 percent).
According to the survey, the three primary global challenges for fund administrators are standardising processes for corporate management while maintaining flexibility for localized reporting (35 percent); pressure to comply with multi-regulatory regimes simultaneously (18 percent); and administering funds across multiple time zones (8 percent).
