FundRock chooses Governance.io for efficient due diligence

FundRock Management Company S.A. this week launched the Governance.io due diligence tool, which makes meeting regulatory due diligence requirements more efficient for their clients and delegates. The solution was developed in partnership with 2Gears S.A. on the Governance.io investment fund oversight platform.

Conducting due diligence on third parties is a key component of an effective risk-based compliance process, and a regulatory duty for Management companies. This due diligence includes the ongoing monitoring of all participants involved in the Fund’s structure, including Investment Managers, Central Administrators, Distributors and Depositaries. These reviews typically involve the undertaking of lengthy questionnaires on a frequent basis.

Fund Rock’s Director of Operations Oversight, Ross Thomson, explains: “This new solution is an important addition to our technology arsenal as we continue to build our Management Company and Distributor due diligence business.

Freeing up time for our clients and delegates by reducing the complexity of completing due diligence checks, while maintaining the quality of the information provided in due diligence checks, was our motivation for developing the online tool”.

The online tool speeds up the process by:

• Pre-populating answers or providing multiple-choice answer options, where possible.

• Making it easy to attach documents through a drag and drop functionality.

• Instantly providing risk ratings based on the questions and generating the final report at the click of a button.

In addition, a built in messaging system enables users to quickly get answers to any questions that may arise in the process.

Bert Boerman, 2Gears’ CEO, adds “we are delighted to have helped FundRock and their clients through our technology. We have developed Governance.io for investment professionals to deal their heavy regulatory duties, and to get total transparency and control in a simple way. Even though the industry recognizes the lack of technological solutions, the pace of innovation is still relatively slow. It is partnerships with, and input from early adopters like FundRock that allow us to bring these solutions to the market fast.