In 2016, Centigen began working with INDOS Financial Limited, a leading independent Depositary oversight firm headquartered in London. After years of using generic software solutions that lacked the specific functionality they needed, the team at INDOS decided it was time to invest in a technology that was tailored to their needs and fit for purpose.
Four years on and INDOS is reaping the benefits of its investment on a daily basis. We caught up with the company’s Risk and Governance Director, Emmet Jackson, to find out what the transformation project has meant to his organisation.
“As part of my role I am responsible for IT and System Development. We were using various off-the-shelf software systems that were proving themselves to be both costly and inefficient to use.
“We needed an alternative that could enhance our existing processes and adapt them so that they met our specific needs as a Depositary. Centigen came highly recommended by our IT providers and so we invited them in to discuss our requirements in more detail.”
After an initial scoping exercise to identify the challenges being faced by the INDOS team and the shortcomings of existing software, Centigen began designing and implementing solutions in a phased approach. A cloud-based portal was developed for INDOS, acting as a workflow process tracker and source of evidence for all work completed on a fund.
Cashflow monitoring, pricing and position reconciliations, investment restriction monitoring and record keeping of assets functionality were just some of the many features required to streamline processes and improve work efficiency.
A key element to the project was the integration of third party data. It was identified that a sophisticated automation function was required, capable of extracting data in a variety of different formats and processing it accurately in order to save valuable time and resources.
The result of Centigen’s hard work and collaboration with the INDOS team was a comprehensive management system now known as DEPOcheck®.
Emmet Jackson says,
(Risk & Governance Director. Indos Financial Ltd)
Asked how he found the experience of working with Centigen on the project, Emmet Jackson says,