BasisCode Compliance, a provider of regulatory compliance software solutions, recently introduced the launch of Insider Trading Manager, new insider trading software that tracks and analyzes trading in real-time and detects suspicious trades.
Insider Trading Manager addresses a major and prevalent risk faced by financial services firms today. The software provides a complete work flow analysis totally integrated into a firm's compliance monitoring system.
As an integral part of a firm's compliance monitoring system, Insider Trading Manager monitors all of a firm's trading activity for both its clients and its employees' accounts. Monitoring is conducted on an ongoing basis and is not activated solely on the basis of a material event.
The software enables firms to detect the misuse of material non-public information by identifying potentially illegal transactions using patent-pending filtering mechanisms designed to reduce the probability of false positives and enhance the accuracy of items that warrant review and includes a complete workflow and audit trail. The process saves time, reduces risk, and provides for more meaningful analysis that can be applied to both firm and employee transactions. The improved efficiency allows users to expand their oversight to a broader range of activities while providing increased risk management assurance.
"With Insider Trading Manager, an investigation or review is triggered only when suspicious trading is detected by the system's ongoing monitoring of trading, and then a news search is initiated to determine whether there is any connection," said BasisCode Chief Executive Officer Carlos Guillen. "The time and paperwork savings that result from the software are at least equal to the cost of one or two (or more) full-time employees equivalent."
Insider Trading Manager will be shown for the first time at the upcoming National Society of Compliance Professionals (NSCP) National Conference in Washington, D.C. being held at the Omni Shoreham Hotel from Oct. 17 to 19. BasisCode will be providing demonstrations at table #6.