We are better able to focus on delivering the right compliance outcomes rather than running a software development organisation. We have moved from a position where we were largely consumers of the product to one where we have a genuine partnership with Star, influencing the product roadmap and working collaboratively on enhancement that benefit us, Star and their other clients. This is an enjoyable partnership working with great people at Star.
There are significant operational and financial advantages to the operating model as we avoid the substantial investment that would be required to build and maintain an equivalent in house platform, including recruiting and retaining specialist software engineers, product managers, infrastructure specialists and cyber security experts. We also avoid the ongoing costs of hosting, server maintenance, resilience, disaster recovery, security patching, technical upgrades and some platform support.
While there are naturally areas where we must ensure the platform aligns with our own internal security, architecture and governance requirements, the overall model delivers significant economies of scale an reduces operational risk and the long term cost of ownership. In addition, the move to the new micro services model will drastically lessen the burden on us whilst increasing stability.
We are using the Compliance Control Room module, Gifts & Entertainment, Business Procedures to handle our Outside Business Interests and Close Personal Relationships (pending transfer to the new architecture and OBA module) and Personal Account Dealing, plus we have a Snowflake instance to help to handle historic reporting data.
The platform is continually evolving to keep pace with changing markets and regulatory environments. The company is open to working with clients to build solutions that fit their needs, and they actively listen to users to help shape their development roadmap. Our relationship with Star is open, collaborative, and constructive.
StarCompliance provides employee and firm compliance solutions that help enterprise financial institutions manage complex global regulatory requirements. StarCompliance Enterprise offers one solution for employee conflicts and incident management, individual accountability and training, US broker-dealer registration, and Control Room and MNPI oversight. Designed to reduce compliance risk and improve operational efficiency across both traditional and digital assets, StarCompliance is trusted by some of the world’s largest financial institutions.