8 November 2005

Cicada ProfilerTM provides built-in functionality and workflows for legal entity data management, from account opening to periodic risk reviews

07 November 2005 – New York – Cicada, leading provider of reference data management software and services, has introduced Cicada ProfilerTM, a new software solution for managing customer data and meeting compliance due diligence requirements. The software provides a complete process for customer identification, account opening, review and verification.

Financial institutions are facing growing risk management requirements and complex compliance standards driven by initiatives including the UK FSA’s "Know Your Customer" framework and the USA Patriot Act. Today’s regulatory complexities require an approach to managing customer data that the creation of a centralized database alone cannot provide.

Cicada Profiler was designed in response to these requirements. The software provides a completely transparent and configurable customer management process control framework, including workflows that organize and efficiently manage the customer data lifecycle, from account opening to ongoing reviews and maintenance.

These workflows drive the review process and organize the routing of customer data through all functions, including account opening, credit, compliance and documentation groups.

Configurable rules provide built-in controls to assure that required customer record documentation has been attached and validated. The software enables a step-by-step approvals process that saves times and reduces errors.

In addition, Cicada Profiler provides tools for AML risk-based customer profiling, which in turn helps automate the customer review and escalation process. The software also extensive cross-referencing functionality, as well as a document attachment facility for integrating customer record information.

Cicada Profiler has a fully configurable data model to enable storage and reference to all types of data required to provide a clear, detailed analysis of customer records.

"What sets Cicada Profiler apart is the focus on managing compliance requirements around customer data due diligence, rather than simply creating a consolidated repository," said Hubert Holmes, Cicada Executive VP. "Clean, consistent customer data is critical, but we have taken the solution a lot further. Cicada Profiler is a packaged software solution to help organizations streamline the core processes around managing this data, and at the same time, includes the audit trail, transparency and controls needed to meet compliance standards."

Cicada is introducing Cicada Profiler to the market with all of the advantages of a packaged solution, including an attractive price point, low operations cost and "off the shelf" ease of implementation.

Cicada Profiler is part of the company’s Reference Data Management Suite, which offers a range of options for managing legal entity, instrument and pricing reference data.

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