Hamburg, N.Y.-based fintech Sycamore Company announced today that it has updated its cloud-based, back-office technology with advisor and trade surveillance capabilities that may make it easier for compliance departments at large firms to keep track of their advisors.
The new tools create a flexible, cloud-based solution that allow broker-dealers and large advisors to monitor transactions across their firm, said Mike Overdorf, president of Sycamore Company.
“Traditional surveillance capabilities are hard coded. It’s all what you see is what you get, and there’s little ability to configure and customize them over time,” said Overdorf. “These solutions are configurable. Firms can go build their own engine, create their own alerts and configure their own labels.”
The new surveillance tools are a component of Sycamore’s integrated platform, which combines capabilities for compensation, recruiting, supervision, compliance, reporting, surveillance, CRM, data aggregation, analytics and business intelligence, and uses Salesforce as its foundation.
With scores—if not hundreds or thousands—of transactions taking place each day, compliance is a burdensome concern for enterprise firms, especially in Covid-19’s work-from-home reality, said Overdorf.
Sycamore’s surveillance solutions are intended to help broker-dealers and advisory firms mitigate the regulatory and operational risks that come with trading and commissions. It does so by centeralizing data from multiple sources, offering firms access to a multitude of records and data points via dashboards.
By applying Salesforce’s Tableau CRM, formerly known as Einstein Analytics, Sycamore users can configure surveillance alerts and analysis, including drill-down and what-if analysis at the branch and region levels, according to the company.
“Over the years, we’ve worked with millions of records from major broker-dealers and custodians,” said Overdorf. “It occurred to us that if we could put Salesforce’s analytics on top of all that data, we’d have a cool tool. Running Einstein Analytics over all of a firm’s transactions provides tremendous insight to compliance officers, even senior management, because we’ve placed all of these functions on the same platform. It’s a good way to keep track of all of your advisors, with built-in red-flag alerts.”