Castine LLC announced that Telescope, a technology solution that enables financial firms to perform effective initial due diligence and ongoing review of their third-party providers has more than 3,500 firms on its roster.
The Telescope solution is used by financial firms that range from some of the world’s largest asset managers and hedge funds to emerging growth companies. Adoption has recently accelerated considerably as vendor risk becomes more urgent and as Telescope adds new targeted focus areas. Firms can now use Telescope to perform due diligence on vendors, KYC/clients/investors, research brokers, trading counterparties, sub-advisors, fund distributors, cyber and ransomware, attestations, government, professional services, and others.
While regulators have been consistent in their expectation that firms implement a credible and defensible third-party compliance program, companies struggle with how to accomplish with the resources they have. Only a small minority of firms can even review their third parties annually and many firms, due to resource constraints, struggle even with first-pass reviews. Regulators want to see a considered process in place to address third party risk, systematically applied.
Castine’s Telescope solution tackles these issues with its own universal DDQs or customizable client-driven DDQs, support services to collect responses, change notification and risk scoring, approval and review workflow management, summary and findings report templates, and an inference engine to ensure that all appropriate questions and documents are present.
Castine Consulting LLC, (formerly Cogent Consulting), provides commission management, RPA, compensation and performance reporting, and compliance systems to the financial services community. In addition to their work in compliance, Castine works with over 250 asset managers and dozens of brokers handling their commission management needs worldwide. Castine operates in the USA, Argentina, and England.