AutoRek
Robust Data Management Solutions for Financial & Reporting Integrity

Today, the exponential rise in the amount of data is creating new challenges in the capital market industry. Diverse data sets, increased regulation, need for data analytics and tight budgets are a cause of worry for financial institutions. “As most enterprises have multiple sources of data, it becomes difficult for them to manage it in a succinct and efficient process,” says Gordon McHarg, Managing Director, AutoRek. McHarg believes that the fundamental approach to manage data is by recognizing the changes in the market and finding relevant solutions that adds value to customers’ business. With a focus to provide complete financial control on a single platform, McHarg developed AutoRek, a software company that specializes in the development and application of financial data management solutions, from cost reduction and process efficiency projects to improving adherence to regulatory reporting requirements. “We effectively enable t h e gathering of data, ensuring financial integrity, and present data for a number of regulatory reporting and analytic requirements,” says McHarg. The company controls data from myriad sources and channels it by providing a data management framework through a robust platform. The company’s range of reconciliation deployments vary from sophisticated intercompany reconciliations to high volume bank reconciliations and calculating and reconciling daily client money requirements.

AutoRek is a financial data management and reconciliation tool that has advanced matching capability, workf low to route corrective action requests and queries, and case management information. “AutoRek automates and optimizes financial control and reduces cost in terms of removing the burden of manual effort required to meet increasing regulatory demands” he adds. The software is a purpose built tool with all the essential components needed to provide a framework for financial control and regulatory reporting.

ReKognize™, another solution of AutoRek is a web delivered assurance and attestation product built in the AutoRek suite that helps to ensure account ownership and transparency across organizations, and drives accountability at each stage of the process. The software provides ownership of every account and sub account. The company’s customer verification and identity checking tool– Klear™-is integrated into AutoRek in order to monitor all the transaction, customer and account activity across all systems in an enterprise. “Klear™ looks at the tax compliance reporting requirements around FATCA and other Federal laws,” says McHarg. With supporting transactional analysis capability, Klear processes thousands of records from multiple sources in an instant and allows organizations to monitor suspicious clients and activities to conform to anti-money laundering regulations and other legal requirements.

Reducing cost, operational risk and addressing regulatory demands while improving customer service for blue-chip clients has been AutoRek’s forte since inception. AutoRek differentiates itself by its customer agnostic approach, prioritizing ability and taking critical business decisions based on the evaluation. The company’s dedicated team of experts with an extensive experience in finance and technology helps organizations to tackle some of the complex data reconciliation challenges. “At AutoRek, we focus on end-user functionality and believe in empowering financial teams with our easily deployable product,” states McHarg.

Moving forward, AutoRek plans to serve the financial industry and manage critical data with its robust platform. “We will continue to broaden our coverage of the regulatory reporting environment,” says McHarg. Most of these requirements originate from the fundamental capabilities: being able to take data from variety of environments, bring it in and provide data analytics. The key requirement is to understand and control data that’s coming into the platform; and drive it towards a broader regulatory reporting platform,” he concludes.