Opus Fund Services has launched Opus JET, a new net asset value (NAV) generating system which leverages smart automation to process all accounting entries for the preparation of NAV.
Using proprietary technologies previously implemented across its Shared Service teams to retrieve data from multiple external sources, JET normalise the information into tens of thousands of accounting entries per month.
JET also facilitates the review of accounting entries, allocations, and fee calculations on an exception’s basis, directly within an enterprise business platform. This allows Opus to standardise hands-free processing, in turn reducing risk and saving time.
Opus says that testing of JET throughout 2018 has shown estimated reductions of over 90 per cent for NAV production time, allowing its Fund Accounting team to spend more time performing detailed analytical reviews. Opus believes this balance of automated technology and human expertise is the perfect combination for the future of the fund administration industry.
In addition to time efficiency, JET’s new controls will enable more streamlined audit trails, risk mitigation and business intelligence for Opus clients. External controls contained directly within the system integrate with the Opus proprietary Business Process Management tools. This gives clients direct line of sight into the exact progress Opus is making on their NAV preparation. Initiatives such as these, further integrate the Opus end-to-end workflow to deliver more accurate, timely and cost-effective services to its clients.
The golden panacea of straight through processing has long been sought by the industry. However, many incumbents, who chose to scale through mergers and acquisitions, are facing an impossible challenge, having inherited a myriad of different technologies, systems and processes, all speaking different languages, providing inconsistent and incompatible data. Opus says the industry standard of utilising skilled staff to complete repetitive manual tasks is an inefficient use of expensive resources, resulting in lower value to clients, higher costs, and increased potential risk of human error.
Opus says that as JET removes human interaction from repetitive tasks, highly skilled staff can focus on scrutinising calculations, transactions and ultimately, Net Asset Valuations.
Opus writes: “The key to JET, and in fact, much automation, lies in the quality and consistency of the underlying data. Opus was founded on the principle of a single, standardised technology platform, and 10 years later this philosophy continues to pay dividends.”
“Opus’ agility to innovate is central to its culture. Opus does not accept the status quo in any facet of the organisation and is constantly striving to redefine Fund Administration. Opus operates with the mindset ‘if you are not moving forwards you are moving backwards’. This top to bottom approach results in maximum cost-effective value to clients.”
