To reduce conflicts of interest, this leading global management consulting firm follows a best practice in regards to its consultants buying and selling securities. As such, every consultant must complete a professional standards training program before running client assessments. One step in this program requires following standards for buying and selling securities.
Before trading, the company's consultants are required to determine if a company is a client and, if so, has ongoing projects that would create a conflict if the consultant purchases or sells its securities. This process encompassed receiving a monthly file of all securities and loading it into a Web-based module. What the firm really needed was a real-time solution with limited IT engagement and best-in-class integration for its compliance measurements.
The solution was D&B Direct. The company chose the data-as-a-service API solution to create a timely, accurate administration module. Consultants explore D&B's company information to determine whether trade activity would cause any potential conflicts with existing or new clients. By using D&B Direct to build a professional standards site on its intranet, the consultants input a company name or stock ticker and instantaneously ascertain whether they can buy or sell securities in that company. The module brings together the capabilities and information of D&B and connects them with internal applications and information to complete the validation process.
In particular, D&B Direct's Keyword search and Company Profile functions offer immediate and accurate company information, thereby informing a consultant whether or not to proceed with a trade.
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D&B Direct gives the firm a clear picture on compliance in an easy-to-use application. The immediacy, accuracy, and detail offered by D&B Direct enable it to gain a more transparent understanding of potential conflict. As a result, consultants are more confident that they can maintain rigorous compliance standards to accommodate their growing customer base.