ALaS DocPort™: Web-Based Process Documentation Improves Financial Services Control and Transparency

New York, NY - 12 May 2009

ALaS DocPortTM a Web-based portal that can improve operational control and mitigate risk for hedge funds, investment banks, insurance companies, asset management firms and brokerages, has been introduced by ALaS Software. “Creating a transparent, standardized picture of an organization’s processes and procedures for auditors, regulators and investors is crucial to the successful performance of any financial business,” said Wesley Archer, president and co-founder of ALaS Software. “I am confident that ALaS DocPort will quickly be adopted as the financial industry standard for documenting any critical task.”

DocPort facilitates audits, compliance efforts, disaster recovery, workflow reengineering and training tasks by recording and storing business workflows keystroke by keystroke. By establishing and maintaining a precise record of every repeatable desktop process at all levels of the organization, DocPort simplifies compliance with all current and proposed regulations, including Sarbanes-Oxley-related requirements.

According to TowerGroup research director Dayle Scher, “Whether it’s a broker-dealer, asset manager, administrator, or service provider, the management of operational risk is at the top of the agenda for hedge funds and securities firms. Having a standardized approach to formulating, storing and tracking the observance of policies and procedures contributes greatly to risk mitigation, and demonstrates a strong control environment to demanding clients, consultants and auditors.”

DocPort exposes key risk indicators associated with any process or complex procedure, affording a clear view made even more transparent by its unique management reporting and dashboard capabilities. Hard copy reports are available, as well.

“DocPort resolves many of our challenges including compliance issues related to operational controls and procedures, disaster recovery, workflow reengineering and workforce training. We also believe that DocPort will slash audit times since many of our policies and procedures are now standardized and documented,” said Pino Vallejo Cárdenas, Executive Director and Head of Business Support for the NY branch of BBVA, one of the world’s largest banks.

The ALaS solution includes unlimited online access to the DocPort application and onsite or Web-based user training. As an option, specially-trained ALaS consultants will perform in-depth interviews with personnel in order to record and enter into the DocPort portal—at the keystroke level—all critical processes and procedures. These deskside interviews, taking a top-down approach, begin with managers and continue to the last person in the chain. Along the way, screenshots are made and every step, no matter how small, is recorded.

“Within a company every department has a compilation of procedural instructions that are likely to be obsolete, tucked away in word processing or flowcharting files or are poorly transcribed and difficult to understand,” said Archer. “In some cases, the company becomes overly dependent on the knowledge and recollection of individual employees. DocPort changes how corporations remedy these situations. ”

While DocPort can prove useful to organizations in any industry, it has been specifically designed for hedge funds, investment banks, annuity companies, asset management firms and other financial services firms. Periodic updates, depending on how often procedures change or new ones are added, can be scheduled biannually or every three months. ALaS DocPort is available immediately; site license fees vary in accord with the number of users and procedures.

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