Financial Markets Authority streamlines market activities

The Challenge

The Financial Markets Authority (FMA) needed a robust, flexible case management solution to manage its business workflow including licensing, investigation and enforcement. FMA had outgrown the disparate and point legacy systems which were slow to adapt to new processes.

FMA needed a new system to manage business processes. It also needed forensic integrity for managing investigation and enforcement cases.

The Solution

FMA was established in 2011 to regulate New Zealand's financial markets, overseeing securities, financial reporting and company law as applied to the financial services and securities markets. FMA’s mandate is to promote and facilitate the development of fair, efficient and transparent financial markets.

After two years of operation, FMA recognised the need to better track and manage workflows to prioritise activities. The legacy solution was developed in-house and designed to meet immediate needs, such as licensing financial advisers.

However, as FMA matured, the need for a new system became more critical. FMA wanted a robust technology platform that would deal with the unique requirements of semi-structured and unstructured data – quickly.

The tough timeframe was a challenge. Datacom’s team drove the project using an Agile approach, which met FMA’s requirement for quick deployment with minimal development. We worked with the in-house IT team to build a customised Microsoft Dynamics customer relationship management (CRM) system.

The unique pre-packaged advanced case management add-on Datacom had invested IP in previously gave a jump start over an out-of-the-box CRM solution.

Today, FMA has streamlined processes and enhanced productivity while built in measurements and service levels now actively manage and monitor performance. This gives a better picture of the financial market participants, while maintaining data integrity.