5 things you should be demanding from your RMS (Part 3)

In Part 1 of this series, I wrote:

“Compliance Officers need to be able to take ownership of important notes, emails, files, and interactions going on in the firm. Your RMS should offer them audit tools, activity reports, and anything else that they want to see with the click of a mouse. Nothing should be buried, everything should be easily discoverable.”

Where does your content reside?

Too often, investment research professionals rely upon consumer-focused, cloud computing products that have no business in the enterprise. Inadvertently, they may be robbing the firm of intellectual property, and exposing them to risk. When Investment Professionals use popular note taking applications to compose and store their work, the firm must consider who owns that content. Anything submitted to these applications belongs to the user. When that analyst leaves the firm, their research walks out the door with them. Is your firm taking all of the necessary steps to ensure that the content used in the investment research process is being memorialized sufficiently?

We have seen team after team that we bring on to the platform using their Outlook inbox as a research database. While Outlook is, at least in my view, once of the best communication/email clients out there, it is NOT a database. It was never intended to be a database. On top of inefficient, folder-based filing; slow, arcane search tools; and a tremendous amount of noise coming from cluttered inboxes, there is ZERO consistency in types of content retained across users.

And of course, how can we forget about the shared drive? In terms of security and organization, it is probably the best of the options detailed. However, it leaves for little (if any) flexibility and no search-ability.

What kind of auditing tools do you have at your disposal?

Even if a Compliance Professional is able to aggregate the content from across the varied sources, creating ad-hoc reports will be excruciating. Good luck with getting an audit trail of edits made, deletion of content, etc. Lacking these tools not only handicaps a Compliance Officer, but exposes the firm to tremendous risk.

Spread out across different software platforms, inboxes, networks and more, how in the world can a compliance team expect to manage, and sort through research content if the SEC comes knocking?

How are you tracking interactions outside of the firm?

In Part 2 of this series, I touched on the value of a relationship management tool for Compliance. While a tool that tracks interactions with the sellside, expert networks, etc. can be useful, keeping the CRM up to date, ie: getting Investment Professionals to manually keep track of, and update the relationship database could prove to be (very) tricky. The concept of a CRM for the Buy-side needs to be re-imagined. Unless the tool is very lightweight and highly automated, it just won’t work. Mackey takes an approach that automatically connects your contacts with your content. What results is a complete dataset that a Compliance Officer can refer to as needed.

In summary, information that should be readily accessible to a Compliance Officer is too often disjointed throughout the organization. Offering unparalleled automation, and integration points with all of the applications you are already using, MackeyRMS helps you paint the mosaic of your investment research process like never before, while keeping your Compliance officers a step ahead.


Michael Axelrod
Customer Success Manager
(646) 838-0003