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Financial Risk Solutions

Fund Administration Platform for Life Insurance Companies

Website
Email Address
Address
2-4 Clanwilliam Terrace
Grand Canal Quay
Dublin 2
Ireland
Phone

Financial Risk Solutions (FRS) delivers fund administration software that reduces operational costs, increases efficiencies and mitigates risk for life assurance companies.

Founded by a team of actuaries and IT specialists, FRS developed the award-winning Invest|Pro™ platform that currently manages in excess of 150,000 funds for more than 60 blue-chip financial clients such as MetLife, Prudential, Accenture, Aviva, Generali and Zurich.

FRS is headquartered in Dublin, Ireland, and has offices in London, Hong Kong and Sydney.

Fund management platform for financial companies

Delivered on-site or Cloud-hosted, Invest|Pro™ securely automates multiple complex fund administration processes such as unit-pricing, cash allocation and rebalancing, oversight and validation of operational activity performed by outsourced partners.

In Europe, it can also perform monitoring and reporting for packaged retail and insurance-based investment products (PRIIPs), key information document (KID) requirements, and Pillar III quantitative reporting template (QRT) asset reporting for Solvency II.

Scalable, modular and flexible, Invest|Pro™ continues to respond to fast-changing industry needs to ensure clients can stay focused on growing their businesses while manufacturing and managing the best-in-class products on the platform.

Its dashboard provides transparency across operational functions and resources, providing a single platform to optimise operational efficiency and reduce operational risk.

Unit-linked investment administration

Invest|Pro™ securely automates multiple complex fund administration processes within a single application.

Core functionalities include daily cash allocation and rebalancing, trade order management, daily net asset values (NAVs) / unit pricing and investment accounting.

Task scheduling and process automation tools

Invest|Pro™’s task scheduling capabilities enable automated processes, so complex multi-stage investment processes can be run automatically utilising high-powered servers.

This approach removes the risk of human error in data entry and process management to minimise operational and reputational risk while optimising operational efficiency.

By offering a comprehensive integrated system to manage front and back-office processes, Invest|Pro™ also automates the validation of operational activity performed by outsourcing partners. This enables firms to supervise outsourced functions and data, as well as manage the associated risks.

Exception-based processing capabilities

Invest|Pro™’s rules management module independently checks your processes and data for issues that could potentially lead to errors or process failure. Rule exceptions when they occur are broadcast to a defined distribution list by email.

Rules can block other processes from running when the system detects non-normal data patterns and requires such exceptions to be signed off by nominated parties.

Risk and compliance analytics

The Invest|GRC™ analytics-driven compliance engine combines data from internal and external sources to help insurers and asset managers meet PRIIPs and KID requirements, along with Pillar III asset reporting standards for Solvency II.

Cloud-hosting capabilities

The Invest|Retail™ self-service web application allows third parties to have secure web access to the Invest|Pro™ application. Companies can incorporate the web application into their existing corporate website and have a single user login.

It is suitable for independent financial advisers, investment advisers, end clients and head office accounting departments, and each user type can be configured to have different access rights to the Invest|Pro™ application.

Analytics and reporting tools

FRS offers a comprehensive reporting toolset that connects the user to the business processes running on the Invest|Pro™ Server.

A web-based business intelligence tool for life office investment administration, its optimised report design enables users to remotely create and quickly view reports on large datasets (more than ten million rows).

Analytics can also be quickly configured to access data outside the Invest|Pro™ databases to allow clients to use the system as their general reporting tool within the enterprise and create multi-database reports to enhance the decision-making process.

Optimum operating model solutions

The level of functionality in the Invest|Pro™ platform, combined with FRS’ extensive industry knowledge and blue-chip client base, allows the team to provide optimum operating model solutions for different regulatory environments.

A model that offers flexibility, is modular and provides a comprehensive investment fund administration platform to manage cash flows between the company’s member administration system and its external investment managers, as well as calculate fund NAVs and unit prices.

This optimum operating model comprises five parts:

  • Highly sophisticated valuation/NAV calculation engine, including real-time tax accruals
  • A full general ledger that integrates with accounting systems and is used to generate portfolio financial statements
  • Automated cash allocation and rebalancing in a multi-tiered fund of fund structure with automated ‘box management’ capabilities
  • Trade order management system for automated or manual asset transaction execution
  • Cash and asset reconciliation module, delivered on a powerful web-based solution that includes analytics, automated exception handling and scheduled task-driven process management

Client testimonials

CTIS business support director Paul Rowlands said: “FRS’s unrivalled experience in the life assurance investment administration space is reflected in its Invest|Pro™ system. The broad range of functionality it provides for both unitised funds and portfolio bond administration is unique, and has hugely benefited our business operationally.”

Friends First’s head of group finance said: “Investment administration operations have changed so much over the years and our legacy systems were old and unable to provide the functionality we required. We chose Invest|Pro™ to automate and consolidate our administration functions and the 35% cost savings and efficiencies that have resulted have been exceptional.”

Louise Duncan from Zurich International Life said: “The team from Financial Risk solutions did an excellent job implementing Invest|Pro™, their industry knowledge added hugely to the project. The system has made a significant improvement to our entire investment administration department by increasing controls, improving processing times and facilitating significant scalability.”

Mobius Life’s head of business development said: “Invest|Pro™ provides a robust solution to manage Mobius Life pension scheme investments into our unit-linked funds and onwards to the investment markets. Invest|Pro™ adds significant tangible value through increased automation and control.”

Fund of Funds Global Adoption and Investment Administration Best Practice

Fund of Funds are growing in popularity as part of the worldwide default structure of many collective vehicles for long-term savings. This whitepaper explores the different characteristics of Fund of Funds (FoF) and the FoF markets in the United States, United Kingdom and Australia. It sets out the challenges in managing and rebalancing FoF and the role of automated investment administration software in reducing the operational risk and increasing efficiency in FoF. Please download this free white paper to read more.

NFU Mutual selects Invest|Pro™ from Financial Risk Solutions to support investment administration of its life insurance business

Financial Risk Solutions (FRS), a leading provider of investment administration software to life and pensions companies worldwide, today announced NFU Mutual has selected Invest|Pro™ to support the investment administration of its £6bn unitised life insurance business. The UK insurer chose FRS’ Invest|Pro™ software to ensure operational resilience and bolster oversight capabilities as it grows its portfolio of investment funds. Replacing in-house and proprietary systems, Invest|Pro™ will support the investment administration, unit pricing and oversight of unit-linked funds for NFU Mutual’s life insurance book of business. The software will be hosted in the cloud and provide automated valuations, daily unit-pricing, cash allocation and rebalancing, and UK ‘I-E’ taxation calculations. Using Invest|Pro™, NFU Mutual will benefit from: Automating both the unit pricing and fund cash allocation and rebalancing processes Automating the complex UK ‘I-E’ tax rules in unit linked funds Robust oversight of outsourced fund providers to support compliance and business resilience Growing new assets and funds quickly and without additional overhead Increased operational efficiency through automated processes and exception-based reporting Alice Piper, Chief Actuary (Life) at NFU Mutual said: “Following a competitive tendering process, we are delighted to choose InvestPro to support the investment administration and oversight of our unit-linked life insurance business. FRS’ in-depth knowledge of the life industry, combined with the capabilities and flexibility of the software, puts us in an excellent position to continue to provide the highest levels of service to our clients whilst ensuring we remain operationally resilient as our investment proposition evolves to meet customer needs and expectations.” Frank Carr, Chief Marketing Officer at FRS, commented: “NFU Mutual are one of the UK’s most respected insurers with a very loyal client base. We are very proud to be partnering with them to provide investment administration and oversight capabilities through InvestPro that will support their growth and continue to strengthen their client relationships.”

3 June 2021

Generation Life selects Invest|Pro™ from Financial Risk Solutions

Financial Risk Solutions (FRS), provider of investment administration software to life and pensions companies worldwide, today announced Generation Life, an Australian leader in tax-effective investment bonds, has selected FRS’ Invest|Pro™ following a competitive tender as the investment administration software for its new investment-linked lifetime annuity and existing investment bond business. As part of the solution, FRS adapted its award-winning tax accrual software, Invest|Tax™, to comply with Australian tax rules. The Invest|Pro™ software provides automated unit pricing, cash allocation and rebalancing, tax accruals, investment accounting and reporting for Generation Life. The solution provides advanced reporting and analytics, audit trails for all activity, email alerts and dashboard monitoring. By using Invest|ProTM Generation Life benefits from: Increased operational efficiency through automated processes and exception-based reporting Faster and easier investment accounting and regulatory report production Scaling new products quickly and without additional overhead Robust oversight to support compliance and business resilience Generation Life chief executive officer Grant Hackett OAM said: “In selecting Invest|Pro™ for the investment administration of our investment solutions, we get the most advanced technology today along with the confidence that the software will evolve with our business as we continue to grow. We are excited to get up-and-running with Invest|ProTM as we expand our range of investment solutions to the Australian market.” FRS CEO Peter Caslin commented: “As Australia’s leading tax-effective investment bonds company, Generation Life has an enviable reputation and sought modern, robust and scalable investment administration software that could support its growth plans. Drawing on FRS’ global expertise, our Invest|Pro™ technology will assist Generation Life in bringing a new investment-linked annuity to market with effective risk controls yet light human touch in the investment administration process. We are very proud to partner with them as they continue to grow and scale their business.”

13 May 2021

Invest|Pro™ from Financial Risk Solutions wins Celent XCelent Award for NAV Oversight and Contingency Tools

Financial Risk Solutions (FRS), provider of investment administration software to asset management, life assurance and wealth companies worldwide, today announced that Invest|Pro™ has won the 2021 Celent XCelent Awards for NAV Oversight and Contingency Tools in the coveted Advanced Technology category. The win comes at a time when operational resilience is under the spotlight from regulators, and companies are seeking robust software to limit exposure including financial and reputational risks associated with striking NAV’s. The Celent NAV Oversight and Contingency Tools report, published last month by Research Analyst Andrew Schwartz, profiles 10 leading NAV oversight and contingency tools in use and being marketed for Asset Managers. FRS’ Invest|ProTM was awarded in the Advanced Technology category for its breadth of features, including a continuous deployment model, which allow the system to reflect updates when new mandates come on-stream, or there are product changes. The Celent report also spotlights FRS client feedback for Invest|Pro™: “The main advantages are elimination of manual processes, data warehouse to run SQLs, excellent support, easy to upgrade, easy to launch new products and integrate to new systems.” “This system is fully integrated with accounting and NAV calculations. The system is very good for interfacing with reporting applications, e.g., business objects.” Invest|Pro™ produces lightning-fast NAV and unit prices and offers tight controls and comprehensive drill-down reports via a web-based analytics application. It calculates NAV and unit prices using the transactional database and checks against fund accounts data to provide a control check on the quality of the asset and liability valuations. Comprehensive auditable records of past valuations, independent of transactional data and exception-based reporting, provide a robust solution for governance, risk and compliance requirements both for firms and their outsourced administrators. Frank Carr, CMO at FRS, commented: “We are honoured Invest|Pro™ has been awarded the Advanced Technology category for NAV Oversight and Contingency Tools in the 2021 Celent XCelent Awards. As a technology company, we are committed to raising oversight and resilience standards in the industry and supporting our clients with the latest technologies and automated processes to help them navigate the ever-changing challenges of growth, regulatory pressures and competition in the market.”

27 April 2021

Mauritius-based Providence Group selects Financial Risk Solutions (FRS) technology to power digital wealth platform for expats

Financial Risk Solutions (FRS), is pleased to announce the adoption of its wealth management technology by Providence Group for powering their ProviTrade platform and Providence Life Limited life assurance products. Providence Group is an offshore life assurance and investment advice company offering savings, retirement, portfolio bond products and platform accounts for professional expats worldwide. Powered by FRS technology, Providence Group's new digital investment platform ProviTrade extends their offering to include portfolio and open architecture investment products to scale their business. FRS provides technology for the end-to-end management and administration of personal investment accounts on ProviTrade. It comprises a white-labelled, multi-currency digital investment portal for ProviTrade’s clients and their financial advisers to manage their assets, transact, and view valuation statements in real-time. This portal then connects to FRS’s back-office investment administration system Invest|Pro™ for straight-through-processing (STP), ensuring a seamless investment process for both Providence Group and its end clients. In launching the platform, Providence Group chose to invest in a modern, secure and scalable investment administration system offered by FRS to meet the growing digitisation demands that clients now expect when managing investment portfolios. In doing so, Providence Group also significantly reduces manual processing and the associated operational risks involved in running investment operations. The project was delivered remotely to the group’s United Arab Emirates administration hub Providence Administration Services, with Providence Group hosting the Invest|Pro™ installation in the cloud to support scalability and business continuity. The solution has assisted Providence Group to: Significantly enhance the digital journey and provide an intuitive user experience for customers Establish a new operating model with a light human touch and rigorous back-office controls Introduce straight-through processing from front to back office, significantly reducing operating costs and operational risk Launch new wealth and investment products, compliant with the latest regulations in a matter of days Austin Blair, CEO at Providence Life said: “FRS has been instrumental in the development of ProviTrade. Their expert team and best-of-breed technology has ensured we have built a world-class digital wealth platform to serve the growing needs of professional expats. The efficiency gains already realised through InvestPro will allow us to focus on growing our business.” Frank Carr, Chief Marketing Officer at FRS commented: “Providence Group is an excellent example of an international life assurance company evolving to meet the changing needs of its clients and offer the digital experience they now demand, and it’s great to onboard them as a new client in the wealth sector. We are confident that with InvestPro powering the investment administration of portfolio bonds, Providence Group will enjoy all the operational benefits our technology provides as well as enable them to scale their business even further.”

21 January 2021

Ardan International implements Financial Risk Solutions (FRS) technology to grow its wealth management business

2020 Financial Risk Solutions (FRS), is pleased to announce the adoption of its wealth management technology by Ardan International, an Isle of Man-headquartered wealth management provider, for its newly launched tier-one wealth management platform. Ardan International, an EMEA market leader with significant success in the Middle East, won Best Platform at the 21st International Investment Awards last month for its ease of use and round the clock service to international intermediaries. Powered by FRS technology, the wealth management platform enables Ardan International to provide an intuitive and secure digital investment portal to their international client base of ex-pats, trustees and corporates and their advisers. The white-labelled, multi-currency portal allows investors and/or their authorised financial advisors to buy and sell a wide range of assets online and view portfolio valuations on a 24/7 basis. These assets include collective funds, equities, ETFs and structured notes in 11 different currencies. This portal then connects to FRS’s back office investment administration system Invest|Pro for straight-through-processing (STP), ensuring a seamless investment process for Ardan International and its clients. The decision to upgrade systems to FRS technology was driven by FRS’s track record as a provider of award-winning front to back-end investment administration software that adds significant value to today’s sophisticated wealth management platform sector. The solution has assisted Ardan International to: Significantly enhance the digital journey and intuitive user experience for their clients Establish a new operating model with light human touch and rigorous back office controls Introduce straight-through processing from front to back office significantly reducing operating costs and operational risk Launch model portfolios and new wealth and investment products, compliant with the latest regulations in a matter of days Ardan International CEO Sarah Dunnage said: “FRS’s technology has enabled us to develop a world-leading wealth management platform that significantly enhances our clients’ digital experience. The transition has been seamless and we are excited by our improved customer proposition, rich functionality and the light-touch platform for new business. This solution will help us scale our business and execute our expansion plans over the next few years.” Frank Carr, Chief Marketing Officer at FRS commented: “We are thrilled to extend our capabilities in the wealth management sector through our partnership with such a growth-focused firm as Ardan International. We look forward to a long relationship with Ardan enhancing their clients’ digital user experience while maintaining rigorous back office controls in the growing wealth industry.”

3 December 2020

Financial Risk Solutions

2-4 Clanwilliam Terrace Grand Canal Quay Dublin 2 Ireland

UK

60 Cannon St London EC4N 6NP United Kingdom

Hong Kong

Unit 2402-07 24th Floor Berkshire House 25 Westlands Road Quarry Bay Hong Kong

Australia

Level 1 77 Pacific Highway North Sydney NSW 2060 Australia

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