Blog

In a recent column for the Ignites Fall 2008 Technology and Operations Special Edition, Dr. Larry Ponemon, of the Ponemon Institute, an independent research group focused on information and privacy management, emphasized the need for mutual fund companies to get in compliance with FACTA’s Red Flag rules.  Despite the Federal Trade Commission’s decision to delay enforcement until May of 2009, financial services firms – and that means all financial services – should not waste any time becoming compliant.

With the extension comes a new set of challenges.  The delay means that there will likely be no period of leniency, and no excuses for non-compliance in the early days after the deadline.

The Keane Organization can help financial services become compliant and establish best practices for maintaining that level of compliance, reducing fraud and identity theft, and creating immediate value for their business.

Keane’s Investor Data Quality (IDQ) program helps mutual funds reduce unnecessary risk and costs by proactively identifying and correcting previously hidden data inaccuracies.  To date, Keane has helped identify client’s Red Flag issues impacting over 500,000 accounts.

“The bottom line is that 5% to 8% of investor data has hidden but correctable problems,” says Jim Keyser, President of Keane’s Investor Communication and Retention Solutions Division. 

Keane’s IDQ program can help mutual funds establish a systematic approach to assessing Red Flags so they can ensure they are in compliance and protecting investors on a continuous basis. 

For more information, please contact Mark Sweatman at (610) 232-0745 or msweatman@keaneco.com.