Introducing Opus JET; Straight(er) Through Processing

Jody MacCormack, VP of Projects

A key component and traditionally manual aspect of Fund Administration is determining and then processing the accounting entries needed to generate a Net Asset Value. Opus Fund Services’ revolutionary system, named JET, allows the generation of NAVs at a previously unthinkable level of speed and efficiency. Utilizing proprietary technologies previously implemented across its Shared Service teams, JET automatically retrieves data from multiple external sources and normalizes the information into tens of thousands of accounting entries per month. By leveraging Smart Automation, JET automates the processing of all accounting entries for the preparation of the Net Asset Value. Furthermore, JET 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 standardize hands-free processing, in turn reducing risk and saving time.

Testing of JET throughout 2018 has shown estimated reductions of over 90% for NAV production times. This allows our Fund Accounting team to spend more time, performing detailed analytical review.  This balance of automated technology and human expertise presents the ideal marriage 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 acquisition, are facing an impossible challenge.  They have inherited is a myriad of different technologies, systems and processes, all speaking different languages, providing inconsistent and incompatible data. Further, the industry standard of utilizing skilled staff to complete repetitive manual tasks is an inefficient use of expensive resources.  The result is less value to clients, higher costs, and increased potential risk of human error.

This is where Smart Automation like JET comes into play; by removing human interaction with repetitive tasks, Opus’ highly skilled staff can focus on scrutinizing calculations, transactions and ultimately, Net Asset Valuations. Faster, better, cheaper

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 center to its culture. Opus does not accept the status quo in any facet of the organization and is constantly striving to redefine Fund Administration. Opus operates with the mindset “if you are not moving forward you are moving backwards”.  This top to bottom approach results in maximum cost-effective value to its clients.

Straight(er) Through Processing is yet another way that Opus continues to focus on scaling through innovation. Climb aboard the Opus JET; they are just getting started.

Click here to learn more about Opus Jet via Hedgeweek.com