Enterprise Ireland client company Fenergo, the leading provider of Regulatory Onboarding, Entity Data Management and Client Lifecycle Management software solutions for financial institutions, recently announced it has been named Best Enterprise Data Management provider at the Inside Reference Data Awards.
The company was presented with two awards at a gala awards ceremony held in New York, based on the recommendation of a panel of judges comprised of industry experts and representatives from leading financial institutions.
One award was presented to Fenergo for Best Enterprise Data Management Initiative in the Vendor category for its market-leading Entity Data Management (EDM) solution - a rules-driven, enterprise-wide solution that helps financial institutions build an accurate, consistent and transparent view of all clients, counterparties and related parties to support regulatory compliance and a quick and efficient onboarding process. The other award was presented to the company for Best Enterprise Data Management Initiative in the user category for Fenergo’s implementation of its Entity Data Management as part of a wider Regulatory Onboarding program.
Commenting on the award win, Marc Murphy, CEO of Fenergo, said, “We are honoured to be recognized as the Best Enterprise Data Management providers in the industry, and particularly delighted to win an award for the implementation of our solutions with one of our leading clients. The Fenergo Entity Data Management solution is a strategic pillar in the overall Fenergo proposition. Every Regulatory Onboarding and Client Lifecycle Management process starts with data and most regulatory initiatives share common data and documentation demands. At Fenergo, we adopt an 80/20 approach to regulatory reference data management by enabling financial institutions to intelligently re-use client and counterparty data and documentation across various regulatory initiatives. In this way, financial institutions can solve many regulations simultaneously using a ‘capture-once, re-use many times’ capability. We have proven this methodology in implementations with many leading financial institutions”.
Underpinned by a robust business rules engine, Fenergo’s Entity Data Management solution determines all the data and documentation required to support the regulatory onboarding or client lifecycle management processes with only a few key pieces of data such as legal entity type, role, jurisdiction, products and banking entity. It is capable of extracting useful information from digital and paper-based documentation, while storing the documentation for regulatory coverage, and tracks expiry and other changes to data/documentation to provide lifetime compliance.