Thomas Murray rolls out new cash correspondent monitoring service
13 March 2020 London
Image: Shutterstock
Thomas Murray, a global post-trade risk analytics and technology company, has introduced a new cash correspondent monitoring service, launching with 15 “major” banking groups initially.
The service, which is managed by Thomas Murray specialists, will incorporate document follow up, response completion support and, where applicable, site visits to respondent banks to support participation.
The reporting is an operational risk assessment per bank, benchmark analytics (by market, currency, regionally and globally), and market profiles along with on-going surveillance monitoring.
According to Derek Duggan, director of Thomas Murray, the new service should greatly assist banks to meet their regulatory and commercial obligations and facilitate a comprehensive benchmarking capability of service providers.
“The benchmarking will show participating banks how each of their correspondent banks is graded relative to other providers using a standard alpha symbology e.g. (AA)”, Duggan added.
In Q1 2019, Thomas Murray created an industry working group aimed at developing a cash correspondent monitoring service, similar to that which exists in the securities services industry.
The working group worked alongside Thomas Murray to refine a questionnaire which was piloted with correspondent banks in two markets in Q3 2019.
The new service, which is now ready for deployment, was inspired by broad regulatory and commercial objectives that aim for firms to introduce adequate organisational arrangements to minimise the risk of loss of client assets and cash.
Duggan commented: “The standardised questionnaire has an added benefit in that it will ease the response burden on correspondent banks. Each group’s responses can be uploaded on our platform across clients and amended, only where the service proposition varies.”
The service, which is managed by Thomas Murray specialists, will incorporate document follow up, response completion support and, where applicable, site visits to respondent banks to support participation.
The reporting is an operational risk assessment per bank, benchmark analytics (by market, currency, regionally and globally), and market profiles along with on-going surveillance monitoring.
According to Derek Duggan, director of Thomas Murray, the new service should greatly assist banks to meet their regulatory and commercial obligations and facilitate a comprehensive benchmarking capability of service providers.
“The benchmarking will show participating banks how each of their correspondent banks is graded relative to other providers using a standard alpha symbology e.g. (AA)”, Duggan added.
In Q1 2019, Thomas Murray created an industry working group aimed at developing a cash correspondent monitoring service, similar to that which exists in the securities services industry.
The working group worked alongside Thomas Murray to refine a questionnaire which was piloted with correspondent banks in two markets in Q3 2019.
The new service, which is now ready for deployment, was inspired by broad regulatory and commercial objectives that aim for firms to introduce adequate organisational arrangements to minimise the risk of loss of client assets and cash.
Duggan commented: “The standardised questionnaire has an added benefit in that it will ease the response burden on correspondent banks. Each group’s responses can be uploaded on our platform across clients and amended, only where the service proposition varies.”
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