HERNDON, Va. â January 11, 2005 â Mantas, Inc. today launched Mantas Advanceâ¢ and Mantas Selectâ¢, broadening the applicability of its compliance solutions to every financial services institution regardless of their product mix or existing compliance technologies. Mantas Advance enables the integration all compliance data, information, risk management and document management systems into a single compliance dashboard. Mantas Select, as the name implies, enables the selection of behavior detection scenarios across all of Mantasâ compliance and operational risk management solution sets: Anti-Money Launderingâ¢, Trading Complianceâ¢ and Broker Complianceâ¢.
"The challenges many of our customers seek to overcome are cross business, cross jurisdiction, cross marketplace and cross technology platform," said Simon Moss, CEO Mantas. "The solution requires a demanding level of transparency into the operations of the firm and Mantas Advance offers that ability - to integrate any legacy compliance, third party products, market information and any other required information source into a single compliance âhubâ. Compliance decisions made now will impact on the firmsâ competitiveness and viability over the next decade. Mantas solutions provide what forward thinking customers want â operational transparency now, leadership as the market changes and a sure investment for the future."
Integrating the Global Compliance Enterprise
The most sophisticated new product offering is Mantas Advance, providing end-to-end integration of any compliance information source across the firm and from external sources into a single compliance âhubâ. The product comes bundled with the new Mantas Case Management and Mantas Active Pages solutions.
Mantas Case Management provides users with a complete case generation and management system that includes state-of-the art workflow and document management, as well as other key functionality. Mantas Active Pages is a new user interface (UI) builder that allows the development of rich compliance applications to leverage information from both the Mantas data mart and related data sources within the corporate enterprise. Employing Active Pages functionality, Mantas Advance offers a fully integrated toolkit that allows customers to build rich compliance dashboards â or a âCompliance Hubâ â providing unmatched risk transparency available across all business units and geographies. Mantas Active Pages also features a pre-built, flexible and intelligent trade blotter and reporting tool.
Larry Tabb, founder and CEO of The Tabb Group, said: "The complexity of todayâs modern financial services business and technology infrastructure makes regulatory compliance an extremely daunting challenge. Developing an integrated enterprise-wide compliance methodology and infrastructure will help firms better manage their exposure as well as reduce or eliminate risk before the situation turns into a problem."
Mantas Select, as the name implies, enables the selection of behavior detection scenarios across all of Mantasâ compliance solution sets: Mantas Anti-Money Launderingâ¢, Mantas Trading Complianceâ¢ and Mantas Broker Complianceâ¢. The ability to pick and choose scenarios for only those behaviors of interest relevant to a particular business â across product lines â gives clients complete flexibility to construct a compliance system personalized to their risks and challenges. Mantas Select is the only compliance solution that enables focused risk management across the entire firm, anywhere in the world, and provides users greater functionality and lower cost than in-house customized solutions or a mixture of vendor solutions.
"Mantas Select gives customers the flexibility to âbuy and buildâ compliance solutions that can be deep, broad, or a combination of both," added Moss.
Breffni McGuire, Senior Analyst at TowerGroup, said: "Given the increasing complexity of compliance and the current activist regulatory environment, technology plays an essential role in anti-money laundering, broker, and trading compliance. Technology usage, while not explicitly mandated by industry regulators, is a critical success factor for financial firms to meet their compliance obligations. Recent enforcement actions have shown that even small banks must implement appropriate controls. Mantas Advance and Mantas Select demonstrate the companyâs willingness to support the diverse requirements of a wide range of financial institutions."
MantasÂ® 4.0, released in September, launched improvements reflecting the changing role that compliance plays in the operations and risk management policies of financial institutions. With the increasing frequency and severity of compliance penalties, financial institutions of all sizes are looking for enterprise-wide solutions that offer protection across multiple business lines and geographies.
"There is no such thing as a one-size fits all technology solution," noted McGuire, "but financial firms of all sizes share a common need for a compliance solution to support their compliance and risk management programs without disruption. It is even better if a compliance solution can improve work processes and overall operational effectiveness," McGuire added.