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Principal Financial Group Selects Confluence

GRC Announcements | October 30, 2008

Confluence, a provider of automated data management solutions, has announced that The Principal Financial Group has chosen the Confluence Unity Post-Trade Compliance solution to expedite the monitoring frequency of its compliance testing systems.

Prior to implementing this solution, The Principal Financial Group, which manages 112 funds with 614 share classes, was completing testing on a manual basis, using multiple spreadsheets and time-consuming data checks. They wanted the flexibility to do multiple tests each day, refresh data more often, and to comply with new rules without expanding its employee base, or budget.

Unity Post-Trade Compliance automates the process of testing investment managers’ portfolios for compliance with regulatory and investment limit restrictions.

“Scaling our back-office staff to implement a more robust compliance testing system would have added more than $485,000 to our annual payroll costs,” said Layne Rasmussen, vice president,...

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