Skandia invests in greater transparency

Investment firm installs dashboard system to reduce compliance risk

Skandia International, the offshore division of the Skandia UK Group, has implemented a dashboard system to add transparency to reporting processes.

The system will increase transaction transparency to cope with increasing numbers of regulations such as Sarbanes-Oxley.

The Accurate NXG dashboard supplied by CheckFree, will enable the firm to submit a summary of the reconciliation for approval by a senior manager while maintaining a clear audit trail of each step in the reconciliation process.

The dashboard will also deliver improved operational and administrative controls to support the segregation of duties as required by regulations.

The system will be housed in the Isle of Man and will be implemented via thin-client, browser-based technology across some of Skandia's offshore operations.

Using the dashboard technology, Skandia International staff in the Isle of Man and in Dublin, will have direct access to exceptions information to improve the investigation and resolution of transaction errors, ultimately reducing the incidence of errors in the future while speeding processing time.

John Hollis, finance director at Royal Skandia said: ‘The dashboard will give our senior management instant visibility on critical areas of potential loss, while also giving us a more sophisticated reporting capability that will effectively deal with the increasing requirements of the regulators.'

‘The solution supports the reconciliation of all transactions and the querying of any outstanding items to enable us to report month-end figures rapidly to meet internal and external audit requirements,’ he said.