Managing risk and compliance

A large derivatives broker in Europe will use a business process management solution to foster consistent operations worldwide and to help improve risk management and compliance enterprisewide. JB Drax Honoré will use Nimbus Control, delivered as software as a service (SaaS), to gain a real-time view of auditing and compliance activities.

The system automatically pushes alerts to compliance officers when specific process activities or tasks are overdue, providing greater control and transparency for compliance purposes, according to Nimbus. The solution will also minimize the problems associated with manual processing. “As a high-volume dealer on the world’s derivatives exchanges,” says Benn Shepherd, CEO of JB Drax Honoré, “it is vital for all our staff across the front, middle and back offices to have a transparent and clearly documented view of what they need to do to get their jobs done effectively and how to adhere to changing regulatory requirements. We chose Nimbus based on the strength of its current buy and sell side customer portfolio, its ability to implement quickly and to a specified timeframe, as well as the capacity to adapt the technology specifically to our requirements.”

Nimbus reports that using its solution, JB Drax Honoré will create an online intelligent operations manual for staff. Employees in the broker’s London, New York and Paris offices will have access to consistent, approved and up-to-date processes that include links to relevant operational controls and compliance requirements. Built-in change management and notification capabilities will help ensure that employees are aware of changes that affect their roles. The system also provides a means for employees to certify business controls and engage in daily or periodic compliance activities, which will reduce the effort and cost associated with regulatory compliance audit and evidence, according to Nimbus.