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Compliance with your vendor contracts

Secure compliance with your data vendor & exchange contracts

Do you find it hard to track terms & conditions and as a result may not be in compliance with your supplier agreements?

Optimize Spend* creates total transparency with respect to your enterprise subscriptions, associated cost and providers’ business rules. Our solutions prevents overcharging, under-reporting, unauthorized data redistribution and back charges.

(*the best of FITS & INFOmatch combined into a best-of-breed solution with major enhancements)

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Vendor compliance audits

Firms consume a broad range of services — such as market data, research, software & information services — in order to meet their complex business needs in today’s subscription economy. Enterprise subscriptions seem to be everywhere. Not surprisingly, the sources of data have come to realize this as well, and want to protect their intellectual property rights as well as their revenues.

On the other hand, distribution, control, reporting of these enterprise subscriptions and their usage has become a real challenge for many organizations in a world where staffing levels in data management departments have only gone down. With the number of vendor compliance audits having increased dramatically in recent years — and substantial back bills as a result — many data & information managers realize it is time to act.

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“TRG Screen’s spend management solution creates full transparency and secure compliance with all of our vendor & exchange agreements.”

Vendor contract compliance challenges

Understanding in-house consumption of all vendor data and ensuring compliance with the terms & conditions of your enterprise subscription agreements is a challenge. The vendor contract compliance problem often revolves around institutions’ lack of transparency into actual data usage of information services they pay for.

This particularly applies to firms managing large volumes of contract clauses across hundreds of suppliers. Compliance with the varying terms across multiple vendors is difficult to manage. However, a professional enterprise spend management system can solve this problem by managing netting, MISU, contract eligibility rules and calculation of complex pricing structures.

 

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Store, track and ensure compliance

Our enterprise spend management solution — Optimize Spend — creates full transparency around the access to information services across your firm. Optimize Spend stores, tracks and ensures compliance, thereby avoiding the risk of failing an exchange or vendor audit and the resultant penalties that might occur.

Optimize Spend prevents overcharging, under-reporting, unauthorized data redistribution and back charges:

  • Produce timely and accurate permissioning and entitlements reports to vendors & exchanges
  • Avoid being exposed to the risk of back charges and lawsuits by having the correct permissioning data stored in a central database, including all history
  • Easily map the accesses per license with powerful inventory management features
  • Create full transparency with respect to the data accesses and the associated cost (both to the internal organization and to third parties)
  • Track separate entitlements and generate reports that identify which or how many users are entitled for specific subscriptions
  • Save money by making the vendor (i.e. Bloomberg) and exchange (i.e. NYSE MISU) reporting far more efficient
  • Identify each entitlement transaction (additions or deletions) by having access to an audit trail

Key takeaways

Optimize Spend creates total transparency with respect to your enterprise subscriptions.

  • Easily track terms & conditions of your contracts
  • Prevent overcharging, under-reporting & unauthorized data redistribution
  • Secured compliance with your suppliers’ business rules
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Optimize Spend serves several types of organizations and supports many departments. Whether you are an international investment bank or a smaller asset manager, a hedge fund or a broker, a data vendor sourcing market data, a professional service organization or a blue-chip company — Optimize Spend enables any firm to optimize their enterprise subscription spend.
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Key Benefits
  • Full transparency & control
  • Cost optimization
  • Secured compliance
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