Meet Patrick Morrison, EVP and Head of Sales for Canada & Europe
StereoLOGIC is a technology company founded in 2008 that deploys patented software solutions for clients that are designed to help them:
Through StereoLOGIC’s technology, our clients have the insights needed to ensure their regulatory reporting and program implementations produce accurate data that regulators demand, reducing error rates, the number of manual adjustments required before reports can be submitted, and, importantly, facilitating regulator confidence in client controls, governance and reporting that is crucial to maintaining strong relationships with supervisory agencies.
StereoLOGIC technology involves a non-intrusive process discovery capability and delivers accurate, end-to-end business systems mapping. This approach reveals process & data gaps, how systems interact with each other, processes that increase the risk of error, where manual intervention exists, and how the manual intervention impacts system accuracy and efficiency. Our technology eliminates the need for firms to hire armies of expensive consultants to descend upon their systems to map processes over a lengthy period, an old-school approach that does not eliminate the risk of human error.
We deliver factually correct information (front- or back office) within days to help accelerate the decisions needed to gain efficiencies and transform businesses to meet the ever-changing business and regulatory environments.
Who are your clients and what types of regulatory challenges are they facing
StereoLOGIC has a wide variety of clients across industry groups; they include Fortune 500 firms and global businesses, including large financial institutions. Since the financial crisis, key international agreements at the Basel level (e.g. Basel III) and within national jurisdictions (e.g. Dodd-Frank) have increased demands on firms to have accurate data and to develop new tools to do more with that data. Managing this data by ensuring its accuracy, that processes and calculations are also correctly undertaken and reported while embedding strong governance and controls across systems – these are among the many regulatory challenges faced by our clients.
What type of emerging technology do you think will have the greatest impact on your business/industry?
Financial crime is forcing a significant spend in Advanced Analytics solutions and Investigations teams of hundreds of expensive resources, etc., so helping optimize best practices, providing accurate and timely training and implementing meaningful KPI measurements, etc. is critically important to help drive efficiencies in reducing costs of false positives, etc. Monitoring for compliance regarding critical steps in these complex investigations will also help avoid embarrassing and costly fines.
Why did you join the CRTA? How do you think the CRTA will help your business (industry)?
The CRTA forum brings together a healthy mix of regulators and various industry risk-management personnel, alongside the vendor community, to engage in meaningful dialogue while exploring cost-effective options that will help close regulatory gaps while allowing businesses to run with less of the overhead associated with such demands. We believe our solution helps all stakeholders with this mandate and provides that critical “measure twice, cut once” assurance of getting it right the first time.