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Leading US Broker Dealer challenger used ControlNet to strengthen its governance capabilities

Updated: Mar 10, 2022

A leading US broker dealer challenger has chosen ControlNet's end-to-end risk and control management system to strengthen its governance and supervisory capabilities.

US challenger brokerage used ControlNet

The financial services industry has faced some major transformations over the past decade. The global financial crisis of 2008 has triggered a range of reforms to the financial sector and its supervision and regulation in order to reduce the risk of any future financial distress and restore trust in the industry.

With the increasing demand for greater transparency, oversight, and regulation by both governments and key market stakeholders, brokers are facing constant pressure to demonstrate and evidence strong and efficient risk management and internal controls.

Company overview

A US-based broker dealer start-up with over $300mn in capital that has been successfully disrupting the traditional brokerage model by replacing outdated, mainframe-based systems with its modern flexible, scalable, and cloud-based technology.


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The problem

As an innovative and forward-looking organisation, the broker dealer was seeking a better alternative to its existing highly-manual control system which involved a combination of email review and approval processes and documents stored in multiple shared drives across various departments.

“We are focused on not only building the best of breed systems for our clients but also leveraging tools to facilitate regulatory compliance. Having a solution which provides a fully electronic workflow and time-stamping for controls, along with the ability to upload supporting documentation, is essential to meeting those goals.”

To meet its ever-increasing regulatory obligations and remain compliant, the company also needed a robust, flexible and cost-effective GRC solution.

The solution

After exploring various vendors and solutions, the company selected ControlNet’s end-to-end control and risk management software system “because of its ease of use, reasonable cost, and knowledge of our business”.

The software was, therefore, implemented in two weeks and rolled out to the entire organisation with training sessions handled internally.

The results

With ControlNet, the broker was able to build a single source, evidence-based repository of all controls that is securely accessible across the entire organisation.

By fully digitising the process, the company also managed to minimise the use of email and significantly reduce the manual effort and time spent on managing internal controls.

“We were looking to assure we covered all of our controls in a single place across the business support processes. We did this in short order. We continually monitor to assure that all controls are done within the prescribed period.”

By providing greater visibility, accountability and efficiency, ControlNet further helped strengthen the relationship between the broker’s all three lines of defence.

“The quick turnaround time we now have for any regulatory or audit-related inquiry we receive. We can usually answer these within a few hours.”

Overall, the company described its experience with ControlNet “as a very successful vendor implementation that quickly solved a need and is cost-effective.”


Still using paper-based checklists or excel spreadsheets to manage your internal risks and controls?

ControlNet helps you automate the process, and create an efficient, accountable and secure operational environment.

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