BNY Mellon is launching an online portal that offers transparency and oversight to investment managers that have outsourced their middle-office operations.
MyOnCore will benefit investment managers who have entered outsourced agreements and are now re-evaluating how their operations teams can address key priorities, such as efficiency improvements, the rationalisation of arrangements, continuing reduction of risk and the ability to meet increasing regulatory obligations.
The online portal offers an enhanced level of transparency that helps define the governance of parameters around an outsourced arrangement with an insight into the logistics and benefits of the arrangement.
The quality of data shared between investment manager and the outsourced provider will be an improvement for middle office services.
John Lehner, global head of outsourcing at BNY Mellon’s asset servicing business, said: “In addition to monitoring individual services, MyOnCore’s dashboards can also be used to govern the overall outsourcing relationship, as traditional KPI reviews are too infrequent for today’s environment.”
“The more effective risk and compliance monitoring the dashboards offer provide early warning signals and triggers remedial action.”
He added: “Since front office decision making is wholly dependent on data – both market and processed – the consistent provision of timely, high quality data that can be used to meet diverse requirements is critical not only to performing specific functions, but also to maintaining proper oversight.”
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