Arguably, and with no tongue-in-cheek, the best moment to automate your workflow is any time before catastrophe strikes. Firms cannot afford to wait until a workflow-related issue results in monetary loss and reputational damage. Instead, firms must continually assess their situation and select tools that fulfill their current and long-term needs. Here are a few telltale signs that it’s time to re-think your workflow process and learn about current offerings in the market:
- Post-Trade allocation splits are typed out in the body of an email or manually input in excel
- Differences exist in your processes across markets or brokers
- Broker statements are treated as the singular source of truth
- On T+1, trade breaks commonly must be addressed with brokers, and it takes more than 5 minutes to identify transactions driving differences.
- Management and/or individuals outside of the workflow process don’t have easily accessible information about status and reconciliation statistics
Fortunately, solutions available today allow you to create consistent, reliable, and partially or fully automated workflows. These workflow solutions help increase access to both processing status and resulting data; ultimately, mitigating operational risk and enabling organizations and teams to function more efficiently with increased transparency.
Theorem’s Workflow solution is a powerful tool. Workflow can capture transactional data from exchange, broker, or OMS sources (in automated grabs, or manual loads) and format the data within Theorem’s structured library. Users can then utilize our web-based interface to direct or split trades to one or multiple accounts. If splits are predetermined (ie. on a notional basis), our software is intelligent and capable of automatically processing, even designating where odd lots should be directed. After transmission of instruction to your executing counterparty, Theorem will match broker outputs against input, ensuring that positions are where you expect them. Exceptions can be quickly identified from viewing our online dashboard or can be emailed to you based on preference (ie. set intervals or a match falls below a preset threshold).
When it comes time for you to pick a workflow solution, your chosen solution must be ready to grow with you along your journey. In other words, don’t pick software that’s suitable for here and now, rather, implement the solution (and the team) that will become great long-term partners as your business, operations, and assets under management grow.
Ultimately, we’re here to encourage you to take the first steps towards automating your workflow. Assess your situation, conduct market research, and learn about the offerings available. If interested in learning more about how our solutions can help you improve your workflows, reach out to us today.
Schedule some time with us to discuss this insight further or learn about the ways in which Theorem can help elevate your post-trade processes.
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