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RIMES and SOTERIA partner to help financial services firms manage risk

Data management and RegTech solutions provider, RIMES along with SOTERIA, a real-time communication compliance and surveillance solutions provider today announced the completion of their initial product integration phase. The product integration will see the companies combines trade and communication monitoring in a bid to provide financial firms with enhanced surveillance capabilities.

Rob Houghton, Creator of SOTERIA, commented, “The problem others have faced in the past is that their respective solutions on either the trade or communication surveillance side are actually already patchworks of multiple vendor solutions and therefore are not built as a standalone agnostic offering, fit for complex integration purposes. I think it also takes a truly collaborative approach from each party, with the united vision being to create what is best for the industry participants, and not for themselves; this is where partnering with RIMES has created a great synergy.”

According to RIMES, its RegFocus Market Surveillance (RFMS) service is expected to enable users to identify defined suspicious behaviours and patterns which can then be looked into through SOTERIA’s real-time communications capture and surveillance capabilities.

The integration will support financial service firms by creating trade-based alerts in RIMES RFMS which passes search criteria to SOTERIA for enabling a related search of communications. It will also provide direct access to SOTERIA through RIMES RFMS, enable search criteria modification in SOTERIA and flag communications of interest within.

Andrew Barnett, Global Head of Product, RIMES, commented, “Being able to effectively navigate the complex regulatory landscape is one of the biggest challenges that financial services firms on the buy-side and sell-side are facing. By combining RIMES’ industry-leading data expertise and SOTERIA’s best-in-class solution, we are providing our clients with a market-leading surveillance capability. Our clients can now respond to an increasingly complex regulatory environment, cost-effectively and with ease, speed and, most importantly, reliability.”

Recently, RIMES announced a partnership with global investment firm EQT in a bid to facilitate growth investment from the latter and speed up the execution of the supplier’s strategy.

Established in 1996, RIMES provides data insights to the investment industry and connects around 350 asset managers, owners, servicers, banks and 500 data partners. It leverages its Managed Data Services (MDS) and RegTech (RegFocusSM) solutions. Its MDS solution provides clients with data for meeting operational requirements while RegFocus aims to ensure regulatory compliance via an automated system.

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