B.I.S.S. Research, the exclusive research company offering the elite industry accreditation of systems & services for the financial services sector, today announced that a joint venture agreement has been signed with STP Consulting Solutions, the corporate actions specialists based in the North America, to produce an American version of the B.I.S.S. Corporate Actions benchmarking process and accreditation. STP Consulting Solutions will be carrying out the benchmark process in the USA, with B.I.S.S. Research licensing the accreditation. The accreditation has been designed for all types of financial institutions that have corporate actions operations, as well as corporate actions software and service suppliers to the American market. The accreditation will provide important collateral for internal and external audit, which has been independently verified by corporate actions experts. The boards of financial services firms can attain detailed knowledge of a very complex area of operations, providing information on their firm’s systems and controls and thereby exercising corporate governance.
Gary Wright, C.E.O., B.I.S.S. Research and creator of the B.I.S.S. Accreditation said “The B.I.S.S. Accreditation has been extremely successful to date. According to a number of our clients, it has been instrumental in raising the standards of software in corporate actions processing. It has always been part of our long term plan to introduce our benchmarking process to Financial Institutions, in the American market and have been seeking a high quality company with the right expertise, based in the USA. As industry acknowledged experts in Corporate Actions, we are looking forward to working with Chris Kotsifas and his team at STP Consulting Solutions. We know that the USA market will be eager to take part in the benchmarking and attain the accreditation, as an endorsement of their operational capabilities. We believe that financial services firms taking part in the accreditation process will be able to widen knowledge of corporate actions throughout their business and raise the bar of operational standards. The Accreditation process should be viewed by the board as a valuable independent verification of the company’s operational capability in corporate actions. The resulting report will highlight both strengths and weaknesses and be an important aid for regulatory checks. Software vendors and service suppliers in the corporate action space are also welcome to enter their systems for Accreditation to prove their capability to meet the needs of their customers in the USA.”
Chris Kotsifas, President, STP Consulting Solutions stated “We are pleased to work with B.I.S.S. Research to jointly offer a corporate actions accreditation service. With a continued focus around risk mitigation and operational transparency, securities firms will greatly benefit from outside expertise in assessing their current operational and IT processes against industry standards and best practice. With increasing oversight from the U.S. government, for example cost basis information from the I.R.S. or changes to market infrastructure processes, such as DTCC moving towards ISO 20022 for corporate actions there is no better time than now for firms to take a strategic view of their operations and start the process through the B.I.S.S. accreditation service.”