Investment management and services firm BNY Mellon announced earlier this week that it launched an online portal that offers transparency and oversight to investment managers that have outsourced their middle office operations. Called MyOnCore, the portal is expected to help investment managers define the governance parameters around an outsourced arrangement more effectively.
According to BNY Mellon’s Asset Servicing business global head of outsourcing, John Lehner, MyOnCore’s dashboards can be used to govern the overall outsourcing relationship, as well as monitor individual business services. Lehner explained in a company statement that traditional KPI reviews are too infrequent for today’s environment.
“The more effective risk and compliance monitoring the dashboards offer provides early warning signals and triggers remedial action,” he said. “Online tools need to be intuitive and easy to use, and should be continually enhanced and receive frequent updates. Moreover, they can be used to enhance other functions, such as cash management and collateral processes.”
Additionally, BNY explained in the release that one of the main benefits of the tool will be that it can improve the quality of data shared between investment manager and outsource provider.
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