Questions to ask about a new IT system
Evaluating a complex software system can be difficult, but knowing the right questions to ask can be of great help. The following are the questions we suggest you ask when choosing a new system, regardless if it’s ours or not:
- How long do you take to add a new feature for me?
- How long does it take to create a new report template? Can you guarantee a deadline?
- Do I have to pay extra for the updates and every extra feature?
- Is the confidential information 100% secure and only accessible by me? How?
- Does the system run on a server vulnerable to viruses and other risks?
- Can I set meaningful user roles and permissions in detail?
- What kind of authentication methods do you use?
- Are relevant information changes logged for audit purposes?
- How are client visits and calls tracked?
- How can relationship managers and assistants interact?
- How is the account opening process structured?
- Do you have an approval process to manage onboarding-related risks? Who can approve what?
- When is management involved in the account opening process?
- Can assistants track and manage outstanding issues (missing documents, expired ID,…) efficiently? How?
- Is the system rigid or exceptions can be made when required? How are those supervised?
- Am I fully protected against AML and other regulatory breaches? How?
- How do you handle transaction monitoring for AML purposes?
- Which name-checking services do you support?
- Are the name checks executed locally or does your system need to send confidential information to the service provider across the Internet?
- How are confidential documents stored?
- How are expired documents dates handled?
- Can the client’s riskiness determined automatically? How?
- How are contractual restrictions managed?
- What kind of performance calculation is available?
- Which risk metrics are available?
- Are performance attribution and contribution calculated? How?
- How are orders transferred between portfolio managers and back office?
- How advanced is the target portfolio selection engine?
- Can I use model portfolios to manage accounts with complex restrictions?
- Is it possible to apply tactical overlays to strategic models?
- How are restrictions and their breaches handled?
- From which custodian banks can the system obtain electronic information automatically?
- How are transactions and positions provided by the bank checked and corrected?
- How are transactions and positions reconciled between the system and the bank?
- How do you deal with corporate actions?
- How are orders managed?
- How is order execution checked and evaluated?
- Can I double-check fees charged by the banks?
- Can I calculate commissions from banks, third-party fund managers, product providers and brokers?
- Can I calculate revenue sharing figures for internal employees and client introducers?
- Can I calculate and invoice management fees?
- Are accounts subject to Stamp Duty and/or VAT determined automatically? How are these fees calculated?
We’ll be happy to answer these questions and any other you might have.
Just give us a call at +41 44 251 00 80 or write to email@example.com