Wintrust Wealth Management invests in technology enhancement benefitting its compliance program by delivering a more agile and efficient analysis of direct business transactions.
Terrapin Technologies today announced a new trade surveillance solution in partnership with Wintrust Wealth Management. The trade surveillance solution provides compliance departments the capability to monitor sales activity conducted outside of their clearing firm, commonly referred to as direct business, such as annuities, mutual funds, and 529 plans.
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“Terrapin Technologies has been a great partner in the development of this product,” said Elliott Silver, Chief Compliance Officer at Wintrust Wealth Management. “The solution has been extremely helpful in monitoring direct-to-fund and annuity transactions, as well as enhancing our Reg BI surveillance.”
“At Terrapin Technologies, we have an unyielding commitment to our clients’ success, and we work with them to understand their challenges and provide practical solutions,” said Kristefor Lysne, President of Terrapin Technologies. “Wintrust has been a key partner since 2007, and we were thrilled when they came to us looking to expand our compliance reporting and monitoring solutions.”
The automated trade surveillance solution is designed to detect, document, and help mitigate potential violations of firm policy and FINRA and SEC regulations, including Regulation Best Interest rules. The trade analysis is displayed on a web-based dashboard that is sorted by risk level. The review and case management system provide a mechanism to approve or resolve an exception and note any action taken. In addition to pre-configured alerts, the solution has the ability to add custom alerts covering a broad range of products and issues.
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