Member SpotLight - Finiti

Meet Larry Bannerman - President of Finiti

​Tell us a little about your organization and why you got into this space.
 
At Finiti, our goal is to reduce the regulatory reporting burden associated with producing financial statements and MRFPs. Our team of project managers, technologists, proofreaders and designers is nimble and flexible, because filing deadlines aren’t. Since 1988, we’ve lived the inevitability of change from any number of stakeholders, including securities commissions, auditors, legal counsel, translation services, and shifting products and brands. To address these challenges, we developed a managed software that allows our clients to adjust to changes quickly, while mitigating risk and ensuring data integrity. 

What types of regulatory challenges are your clients facing?
 The challenge for mutual fund managers is the volume of changes that occur before, during and after a reporting period. These can include new requirements implemented by any number of stakeholders and can affect the content, layout and flow of the final documents.
 
Ensuring accuracy and consistency across financial statements and MRFPs in both official languages can be complex, especially when changes are required in-cycle. Our industry-leading experience, combined with our proprietary software, eases the burden of change management and reduces the risks for mutual fund managers.
 
What about your technology do you think is most important to your clients?
 
Flexibility is fundamental in our approach to consistently meet our clients’ needs and priorities. Flexibility means there are no compromises in how our clients share their data and manage their processes, or in the look and feel of their financial statements and MRFPs. We’re designers at heart, so our software incorporates style and flow rules to maintain the design integrity of the reports, ensuring the unitholder experience is consistent with a client’s brand promise. Data input mapping allows the system to accept disparate data for different file types and formats. We can easily add new funds/series, or a new section or table as required. Flexibility is the cornerstone of our ability to adapt and adhere to changes from any source file or stakeholder.
 
The importance of CRTA.
 
Because of the niche market it serves, the development of regulatory reporting software for mutual fund managers is a high-risk investment. There are no broad commercial applications for this type of automation software, nor is there a large user base. Through the CRTA, the software development community focusing on financial services are able to share ideas and connect technology providers with other members of the community.  Collectively, we share the goal of elevating client confidence in our technology for higher adoption, thereby reducing the risk of development.