Neudata, an alternative data research and SaaS technology platform, has launched its new legal and compliance intelligence product — Neudata Sentry — to help alternative data buyers reduce risk & delays, track market practices and increase the quality of their data compliance efforts.
The new software platform, which is now live, is comprised of several tools that asset managers can use to conduct up-front due diligence on vendors and to stay on top of industry best practices in a rapidly changing regulatory environment.
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“Ensuring that alternative datasets are compliant with local, national and international regulations is a key hurdle for many asset managers,” said Don D’Amico, Neudata’s general counsel. “As alternative data usage becomes more mature within the financial services space, we expect regulators to pay more attention to how asset managers conduct diligence checks on datasets and vet vendors for a variety of different risks.”
“These risks will continue to evolve, often outside of geographic areas where our clients may conduct business,” he added.
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The Neudata Sentry platform is comprised of several tools that asset managers can use to reduce risk within their compliance process and speed up vendor on-boarding efforts, including:
- A standardised due diligence questionnaire (DDQ) collection system, featuring:
- daily, passive DDQ intake from Neudata’s highly engaged universe of vendors, and
- à-la-carte DDQ gathering done on-demand, with each DDQ stored in Neudata’s vault for easy client access and periodic vendor updates
- Automated risk alerts designed by Neudata’s in-house attorney, with the ongoing input of the buy-side community
- Consolidated market feedback via research reports and case-study articles on the issues presented by new and popular data vendors (to document or supplement the diligence process)
- Guides to current industry best practices for emerging areas of alternative data law, including privacy, web-scraping, and permanency-risk mitigation techniques
- Access to legal & compliance masterclass events and roundtables, where participants meet with industry peers to share their experiences and feedback
Through the use of these tools, alternative data users have a better chance of understanding the regulatory risks that go into using alternative data, according to Neudata’s CEO Rado Lipuš. “The Neudata Sentry product combines Neudata’s expert alternative data market analysis with a software platform that gives users the tools they need to mitigate risk in the midst of a changing regulatory landscape for alternative data.”
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