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Foreside partners with NQR

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Foreside Financial Group (Foreside), a provider of governance, risk management, compliance services, and technology offerings to clients in the global asset and wealth management industry, has formed a strategic partnership with National Quality Review (NQR) to provide their Intermediary INSIGHT service, which standardises distribution partner audit report reviews in accordance with the Investment Company Institute’s FICCA initiative.

This strategic alliance with NQR will offer clients the ability to upload FICCA reports, SOC reports, intermediary questionnaires, and other intermediary documentation to NQR’s web portal for NQR’s expert review. Standardised numerical ratings are then applied, permitting clients to key in on areas of concern and to follow up as appropriate. Accordingly, NQR’s proprietary solution offers clients the ability to analyse results from intermediary reports quickly and efficiently under the FICCA framework.

“The rise of omnibus record-keeping has placed greater regulatory emphasis on intermediary oversight,” says Mark Fairbanks, Senior Managing Director, Foreside. “We believe NQR’s Intermediary INSIGHT provides our clients with a consistent method to analyse and compare intermediaries in a cost-effective manner. NQR is the right partner for us because they have helped shape industry standards and test controls for over 30 years.”

With intermediary compliance expectations at a record high, reacting with diligent, cost-effective measures is a challenge for fund companies of all sizes. NQR’S Intermediary INSIGHT service provides an economical and effective audit report review, a platform to report and consolidate data, and access to industry intelligence.

“Foreside’s clients can now access NQR’s INSIGHT service to streamline oversight activities and analyse intermediary data more efficiently,” says Doug Fortin, President and founding partner of NQR. Fortin continued, “As a result, asset managers have more time to focus on the results from expert analysis and identify strategic opportunities rather than focusing on the process of requesting, collecting, organising, and reviewing materials.”

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