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RegTech Firm Ume Revolutionizes Fund Industry with Innovative Solution
Luxembourg-based Company Standardizes Due Diligence Process for Fund Distributors
In an effort to bring transparency and efficiency to the fund industry, RegTech company ume has developed a platform that standardizes and mutualizes information for due diligence of fund distributors. This innovative solution aims to simplify the process of finding the right distributor for asset managers looking to expand their reach globally.
Current Challenges in Due Diligence
According to CEO Laurent Denayer, the current due diligence questionnaire (DDQ) process is cumbersome and time-consuming, with each management company sending its own questionnaire to all its distributors. “As a distributor, it’s not fun to fill out all these questionnaires, especially when management companies try to capture the same information, over and over again, yet in different ways,” he explains.
ume’s Solution
ume’s solution addresses this issue by providing a standard questionnaire that distributors only need to fill out once every year. Management companies are then given immediate access to the information, making life easier for both parties and saving compliance costs.
- Standardized questionnaire reduces the burden on distributors
- Immediate access to information saves time and resources
- Compliance costs are reduced
A Global Network of Distributors
But ume’s platform doesn’t stop there. It also functions as a kind of TripAdvisor for fund distributions, allowing asset managers to connect with distributors globally and compare their risk profiles. This feature is particularly valuable for small-to-medium-sized management companies that may not have the resources to find the right distributor on their own.
The Future of Fund Industry Jobs
The introduction of RegTech solutions like ume’s platform is expected to bring about significant changes in the fund industry. According to Christian Gillot, CEO of Tetrao, RegTech can help de-risk finance by providing a way for financial professionals to focus on more interesting and rewarding work.
A New Era for Fund Industry Jobs
“RegTech will allow fund industry jobs to become more interesting for financial professionals,” says Gillot. “Right now, some of them might be overworked, taking unnecessary risks. There are currently roles focused on manually checking thousands of KIDs. It’s almost an impossible task, with a lot of personal responsibility attached.”
Conclusion
In conclusion, ume’s innovative solution is poised to revolutionize the fund industry by bringing transparency and efficiency to the due diligence process. With its platform, asset managers can now connect with distributors globally and compare their risk profiles, making it easier to expand their reach internationally.
As RegTech continues to evolve and grow, we can expect to see more innovative solutions like ume’s emerge, transforming the fund industry for the better.