The Background

Our client, a leading global financial services firm responsible for thousands of statutory filings on behalf of the funds and investment vehicles under their administration was looking for a more effective way to schedule and control the submissions.  

With the submissions of deadline-driven statutory filings a critical part of the Firm’s business as a missed deadline could have a detrimental impact on the firm’s reputation and business. Some of the filings include statutory corporate filings to relevant company registrars, regulatory filings to supervisory bodies, and tax filings on behalf of each investment vehicle.

 

The Problem

As our client’s business was growing and the number of investment vehicles under its administration grew rapidly, the firm was forced to employ more people to manage the burden of statutory filings. Human resource is expensive, and subject to turn-over of employees, bringing about continuity risk, and is certainly not infallible.

Our client felt that they were at growing risk of failing to deliver the ever-increasing number of statutory filings, and a solution to manage the process needed to be implemented to handle the following operational risks:

  • Lack of awareness and ownership of filings
  • Failure of delivery in times of absence or employee turnover
  • Blind spots when filing deadlines are missed
  • Fragmented and incomplete evidential audit trail of work done
  • Lack of transparency and management oversight

The Firm’s profit margin was being eroded by the need to employ more resource to deliver the statutory filings, both in administration of the schedule of returns, as well as the actual delivery of the filings.

 

CCL C.O.R.E – The Solution

By deploying CCL C.O.R.E, the client, across multiple jurisdictions is now able to schedule all filings for each investment vehicle at the point of onboarding the investment vehicle, which takes minutes rather than days. CCL C.O.R.E continues to do the work of multiple personnel, saving the firm hundreds of thousands of pounds per year in basic administration.

The filing details are specific to the investment vehicle, registrar, regulatory body or tax authority, and are allocated to certain individuals, who are notified in good time that filings are due. Using a RAG scheme, users of CORE can see when there are no filings due (Green), when filings are pending (Amber), and when filings are overdue (Red).

The filing tool also enables employees to easily upload evidence of completed filings to CCL C.O.R.E, so there is a complete transparent audit trail for senior management, compliance and internal audit.

In addition, the firm is deploying other elements of the CCL C.O.R.E platform to manage group-wide documentation for thousands of employees in multiple jurisdictions, and to schedule and deliver periodic compliance monitoring.

Request a no obligation demo and learn how we can increase your efficiency, reduce your regulatory risk and give you complete control over your compliance obligations.