The Sycamore Company said Tuesday that it had launched a new surveillance platform for broker-dealers and other advisory firms that lets them better detect, monitor and review activities, such as transaction and commission data.
“From severe fines to reputational damage, there are serious consequences for broker-dealers that fail to establish and maintain effective surveillance systems,” said Mike Overdorf, Sycamore's founder and president. “It has never been more critical for broker-dealers to deploy a highly capable system that can mitigate those risks.”
The platform enables compliance teams to “aggregate and normalize their data all in one place, mine that data for anomalous records or patterns and generate reports” as needed, according to Buffalo, New York-based Sycamore, a 2024 Luminaries award winner.
The technology also makes data accessible through “flexible and configurable (rather than hardcoded) alerts, dashboards and business intelligence,” it says. This information can then be examined by compliance teams, which can “run a multitude of filters to further mine that data.”
According to Sycamore, its surveillance platform works with 30 pre-configured surveillance rules.
In addition, it has “robust data acquisition and normalization capabilities,” as well as workflow and automation processes that “lead to more accurate and efficient alerts” and data interrogation capabilities, allowing advisory firms to review underlying metadata and associated information around trades and communications.
“Broker-dealers need to prove to clients, stakeholders and regulators that they are effectively and comprehensively managing a variety of risks and threats at all times, and they need the right surveillance technology to do it,” Overdorf said.
News of the Sycamore’s surveillance platform comes about three months after the firm said it was integrating its technology with Quik!, a cloud application that aims to simplify form automation and update information management without manual data entry.
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