Thomas Murray has launched a new “industry driven” global managed service, Cash Correspondent Monitoring.
Founded in 1994, Thomas Murray assists banks, funds and capital market entities manage and control counterparty, asset safety and associated risks in the global securities services industry.
In the announcement, Thomas Murray’s head of sales, Derek Duggan, explained: “Over the last year we have been working with 25 banks to define an operational risk assessment. The drivers for this service have been regulatory, market and client driven.”
Murray continued: “We have been asked to deliver a managed service to our clients, which includes a validated data set, an operational assessment per bank along with benchmarking - showing how the local banks sit relative to other banks by currency, market, reaching in globally.
“I’d like to thank everybody who has been involved in launching this service including all of the banks and the working group and all of the pilot bank,” Murray added.
