Basis Point Group, LLC (BPG), a leading securities operations consulting firm, announced that the US Government Patent and Trademark Office (PTO) has issued the company a patent for its innovative method to continuously assess financial process quality and risk.
The key innovation is the creation and use of index measurement to isolate transaction issues. Benefits are immediate. “Clients who participated in BPG’s assessments and improvement projects made measurable operations improvements and reduction in risk. One client improved controls eliminating costly processing errors totaling millions of dollars while reducing verification cost by over 85%” said Fred Sommers, a Basis Point Group partner.
Measuring complex, continuous environments using a single index allows more effective management of process quality and provides a better understanding of the effect specific actions have on reducing risk and improving return. Using readily available information, the approach provides real-time attribution that enables rapid improvement.
OPERA is a trademarked set of services that incorporate the patented method. OPERA® offers the most comprehensive, quantitative approach and analytic framework for assessing, benchmarking and improving process performance. The approach provides outcome based measurement of every account, group and process in a firm. OPERA® benchmarking, combines powerful attribution capabilities, opening a broad new range of process improvement decision possibilities. This framework and analytic tool set were developed while managing complex client improvement projects over the past ten years.
“Our approach allows firms to leverage prior investment in regulatory, compliance, risk and controls processes delivering significant incremental benefit and actionable information.” said Graham Mellor, another partner. “This allows managers, brokers, custodians and other service providers to aggressively act to reduce risk, improve returns and assure effective operations monitoring and investment.”
“BPG is offering preferential licensing to financial industry and consulting organizations adopting our innovative approach to measuring, managing and improving operations performance.” said Robert Fawls, BPG’s managing partner, “We intend to form an advisory council of licensed user to guide the evolution and standardization of this operations performance framework.”
