fund distribution oversight

 

Intermediary Oversight

The fund industry standard for SOC and FICCA review.

Your foundation for intermediary oversight.

 

Omnibus recordkeeping has changed distribution oversight forever.  Fund families are now expected to monitor a multitude of intermediary control environments.  Audit reports contain the most reliable intel, but how can funds efficiently capture, analyze, and draw conclusions from the details of each document?

 

Since 2013, NQR’s Intermediary (IM) INSIGHT service has provided leading fund families with the industry’s most in-depth review of intermediary audit reports.  Our experts analyze all documentation in accordance with the ICI’s FICCA framework, which is why only NQR’s review is requested, respected, and acted on by both funds and their distribution partners.

 

 

  • Eliminate time spent sifting through audit reports
  • Capture and centralize every control detail
  • Pinpoint relevant exceptions and gaps
  • Target follow-up to only high-priority controls
  • Shift focus to strategy and action planning
  • Review more intermediaries
  • Access a community of best practices
  • Skip report solicitation for select intermediaries
  • Streamline Board reporting
  • Limit reliance on questionnaires and certifications

 

 

“Tracking receipt, review, and year-over-year changes”

 

“Tracking receipt, review, and year-over-year changes in reports has increased our efficiency.”

- Senior Compliance Manager

National Quality Review
2018-02-19T19:34:18-05:00

- Senior Compliance Manager

  “Tracking receipt, review, and year-over-year changes in reports has increased our efficiency.”

“Increased the number of firms we can annually perform full reviews on”

 

“NQR doing the detailed review of 40 clients in our program has increased the number of firms we can annually perform full reviews on.”

- Senior Director, Intermediary Oversight & Payments

National Quality Review
2018-02-19T19:30:04-05:00

- Senior Director, Intermediary Oversight & Payments

  “NQR doing the detailed review of 40 clients in our program has increased the number of firms we can annually perform full reviews on.”

“Always there to assist and help guide us”

 

“Whenever we need an ad hoc report, a reason why an item was considered incomplete, or educational information on the system, they’re always there to assist and help guide us.”

- Senior Analyst, Distribution Services

National Quality Review
2018-02-19T19:11:00-05:00

- Senior Analyst, Distribution Services

  “Whenever we need an ad hoc report, a reason why an item was considered incomplete, or educational information on the system, they’re always there to assist and help guide us.”

“Keep up the good work!”

 

“I have been very pleased with the product and service.  My compliments to NQR’s relationship managers for their support and assistance in partnering with certain intermediaries so we could get consent to load their reports.  Keep up the good work!”

- Intermediary Oversight Director

National Quality Review
2018-02-19T19:37:38-05:00

- Intermediary Oversight Director

  “I have been very pleased with the product and service.  My compliments to NQR’s relationship managers for their support and assistance in partnering with certain intermediaries so we could get consent to load their reports.  Keep up the good work!”

“Supports discussion with senior management and the Board of Directors”

 

“The reporting tools we use to support discussions with senior management and the Board of Directors are very helpful.”

- Assistant Vice President

National Quality Review
2018-02-19T19:15:40-05:00

- Assistant Vice President

  “The reporting tools we use to support discussions with senior management and the Board of Directors are very helpful.”

“Invaluable to our Omnibus Governance function”

 

“The services that NQR provides are invaluable to our Omnibus Governance function.  They provide clear, consistent, and fair ratings on multiple controls that are a priority for us while also allowing us to focus on issues and trends.”

- Manager, Intermediary Oversight

National Quality Review
2018-02-19T19:19:06-05:00

- Manager, Intermediary Oversight

  “The services that NQR provides are invaluable to our Omnibus Governance function.  They provide clear, consistent, and fair ratings on multiple controls that are a priority for us while also allowing us to focus on issues and trends.”

“I like the summary output of in/sufficiencies vs. FICCA controls”

 

“I like the summary output of in/sufficiencies vs. FICCA controls, comparison to tier-level averages, documentation of control testing failures, and overall sufficiency measures.”

- Manager, Controls & Risk Analysis

National Quality Review
2018-02-19T19:15:12-05:00

- Manager, Controls & Risk Analysis

  “I like the summary output of in/sufficiencies vs. FICCA controls, comparison to tier-level averages, documentation of control testing failures, and overall sufficiency measures.”

“Very plugged into the industry”

 

“When we’ve had a question for NQR or asked for explanation on a topic, the response brings a new perspective we may not have otherwise thought of. The review team is extremely thorough and seems to be very plugged into the industry.  The user meetings have also been a helpful format to discuss strategies and ultimate decisions regarding oversight ‘gray areas.'"

- Vice President

National Quality Review
2018-02-19T19:20:26-05:00

- Vice President

  “When we’ve had a question for NQR or asked for explanation on a topic, the response brings a new perspective we may not have otherwise thought of. The review team is extremely thorough and seems to be very plugged into the industry.  The user meetings have also been a helpful format to discuss strategies and ultimate decisions regarding oversight ‘gray areas.'"

“Industry best practices at my fingertips”

 

"In addition to the great service provided through the review and tracking our client auditor reports, I really appreciate having information on industry best practices at my fingertips.  Whether it be benchmark data in the system, peer discussion at forums, or questions that my relationship team is always willing to research, having access to reliable best practice information is extremely valuable to an oversight program."

- AVP, Investor Services Risk Management

National Quality Review
2020-10-05T12:11:52-04:00

- AVP, Investor Services Risk Management

  "In addition to the great service provided through the review and tracking our client auditor reports, I really appreciate having information on industry best practices at my fingertips.  Whether it be benchmark data in the system, peer discussion at forums, or questions that my relationship team is always willing to research, having access to reliable best practice information is extremely valuable to an oversight program."

“We always recommend use of the service”

 

“We have been asked by several partner firms on our experience with NQR and we always recommend use of the service."

- Vice President, Global Investment Operations

National Quality Review
2019-06-19T12:40:28-04:00

- Vice President, Global Investment Operations

  “We have been asked by several partner firms on our experience with NQR and we always recommend use of the service."

“Enabled us to expand and institutionalize our oversight program”

 

“Utilization of NQR for the review of third-party attestation reports has enabled us to expand and institutionalize our oversight program.”

- Manager, Institutional Business Support

National Quality Review
2018-02-19T19:31:01-05:00

- Manager, Institutional Business Support

  “Utilization of NQR for the review of third-party attestation reports has enabled us to expand and institutionalize our oversight program.”

“Happy with the reviews and the time savings”

 

“We are happy with the reviews and the time savings of having NQR complete these.”

- Intermediary Payment Analyst

National Quality Review
2018-02-19T19:27:03-05:00

- Intermediary Payment Analyst

  “We are happy with the reviews and the time savings of having NQR complete these.”

“The ability to share the NQR reports with our intermediary partners”

 

“The ability to share the NQR reports with our intermediary partners has been extremely helpful, especially in year-over-year conversations and really understanding where the gaps are.”

- Senior Operations Manager

National Quality Review
2018-02-19T19:09:46-05:00

- Senior Operations Manager

  “The ability to share the NQR reports with our intermediary partners has been extremely helpful, especially in year-over-year conversations and really understanding where the gaps are.”

“They collaborate with us to the degree we need them”

 

“Our support team is extremely quick to respond to requests and questions. They collaborate with us to the degree we need them.  Very good about suggesting features of the system we may not be utilizing, commensurate with our specific needs.  In addition, their flexibility to prioritize and work with us on special requests has been greatly appreciated.”

- Vice President

National Quality Review
2018-02-19T19:21:07-05:00

- Vice President

  “Our support team is extremely quick to respond to requests and questions. They collaborate with us to the degree we need them.  Very good about suggesting features of the system we may not be utilizing, commensurate with our specific needs.  In addition, their flexibility to prioritize and work with us on special requests has been greatly appreciated.”

“Keeping current with industry trends”

 

“My favorite parts of the service are the personable representatives - quick responses to questions and concerns while keeping current with industry trends.”

- Senior TAO Analyst

National Quality Review
2018-02-19T19:39:13-05:00

- Senior TAO Analyst

  “My favorite parts of the service are the personable representatives - quick responses to questions and concerns while keeping current with industry trends.”

“Expanded our oversight program”

 

“IM INSIGHT expanded our oversight program and permitted the monitoring of many more intermediaries.”

- Chief Compliance Officer

National Quality Review
2018-02-19T18:55:02-05:00

- Chief Compliance Officer

  “IM INSIGHT expanded our oversight program and permitted the monitoring of many more intermediaries.”

“Allowed us to add additional intermediaries”

 

“The service allowed us to add additional intermediaries and no longer review each FICCA/SOC 1 control report, all while operating with a small team."

- Operations Specialist

National Quality Review
2018-02-19T18:57:41-05:00

- Operations Specialist

  “The service allowed us to add additional intermediaries and no longer review each FICCA/SOC 1 control report, all while operating with a small team."

“This saves a lot of time”

 

“Efficiency has been gained by not having to review every audit document from every intermediary.  This saves a lot of time.  The report that shows the page numbers of any deficiencies also saves time so we don't have to search for issues.”

- Assistant Vice President

National Quality Review
2018-02-19T19:55:10-05:00

- Assistant Vice President

  “Efficiency has been gained by not having to review every audit document from every intermediary.  This saves a lot of time.  The report that shows the page numbers of any deficiencies also saves time so we don't have to search for issues.”

“Access to NQR’s capabilities has been very valuable”

 

"We like having access to the intermediary audit report scoring history and being able to compare intermediaries to one another.  We run lean in terms of how many people are dedicated to our Intermediary Oversight process, so having access to NQR's capabilities has been very valuable to our firm."

- Manager, Investment Operations

National Quality Review
2020-10-19T15:34:46-04:00

- Manager, Investment Operations

  "We like having access to the intermediary audit report scoring history and being able to compare intermediaries to one another.  We run lean in terms of how many people are dedicated to our Intermediary Oversight process, so having access to NQR's capabilities has been very valuable to our firm."

“Streamlined the reporting we can share with the intermediaries”

 

“The service really streamlined the reporting we can share with the intermediaries when educating them about the areas of risk most significant to us and the structure of our program.”

- Intermediary Oversight Director

National Quality Review
2018-02-19T19:02:39-05:00

- Intermediary Oversight Director

  “The service really streamlined the reporting we can share with the intermediaries when educating them about the areas of risk most significant to us and the structure of our program.”

“We don’t have to analyze the audit reports”

 

“We don’t have to analyze the audit reports, saving us a remarkable amount of time.  We can instead focus on only items that need to be addressed and use reports directly from the platform to help with follow-up.”

- Senior Mutual Funds Operations Associate

National Quality Review
2018-02-19T18:56:22-05:00

- Senior Mutual Funds Operations Associate

  “We don’t have to analyze the audit reports, saving us a remarkable amount of time.  We can instead focus on only items that need to be addressed and use reports directly from the platform to help with follow-up.”

“Having NQR review and analyze our audit documents is extremely valuable”

 

“I always find it challenging to read through audit documents since it’s so time-consuming and difficult to stay focused.  Having NQR review and analyze our audit documents is extremely valuable.”

- Senior TA Operations Analyst

National Quality Review
2018-02-19T19:00:30-05:00

- Senior TA Operations Analyst

  “I always find it challenging to read through audit documents since it’s so time-consuming and difficult to stay focused.  Having NQR review and analyze our audit documents is extremely valuable.”

“Stays current on developments”

 

“I like the fact that NQR reviews the lengthy documents and stays current on developments.”

- Chief Compliance Officer

National Quality Review
2018-02-19T19:16:27-05:00

- Chief Compliance Officer

  “I like the fact that NQR reviews the lengthy documents and stays current on developments.”

“Added efficiency and standardization”

 

“Manual indexing of topics was labor intensive and inconsistent across team members.  IM INSIGHT added efficiency and standardization."

- Head of Intermediary Services

National Quality Review
2018-02-19T20:01:28-05:00

- Head of Intermediary Services

  “Manual indexing of topics was labor intensive and inconsistent across team members.  IM INSIGHT added efficiency and standardization."

“Saves our firm so much time”

 

"NQR's service saves our firm so much time in reviewing intermediary audit reports.  We are very satisfied with the service and responsiveness of our relationship manager."

- Manager, Investment Operations

National Quality Review
2020-10-19T15:37:24-04:00

- Manager, Investment Operations

  "NQR's service saves our firm so much time in reviewing intermediary audit reports.  We are very satisfied with the service and responsiveness of our relationship manager."

“Removed the need to evaluate audit documents”

 

“The service removed the need to evaluate audit documents in their entirety and instead focus on remediation activities.”

- Vice President, Managing Director

National Quality Review
2018-02-19T19:32:20-05:00

- Vice President, Managing Director

  “The service removed the need to evaluate audit documents in their entirety and instead focus on remediation activities.”

“We didn’t have the expertise in-house to review the reports adequately”

 

“We partnered with NQR because we understood that we didn't have the expertise in-house to review the reports adequately.”

- Senior Operations Manager

National Quality Review
2018-02-19T19:44:09-05:00

- Senior Operations Manager

  “We partnered with NQR because we understood that we didn't have the expertise in-house to review the reports adequately.”

“Evaluation of the material is on point”

 

“We have been extremely pleased by our engagement with NQR as an addition to our intermediary oversight program.  The staff is knowledgeable, extremely helpful, and we feel that the evaluation of the material is on point."

- Vice President, Global Investment Operations

National Quality Review
2019-06-19T12:35:16-04:00

- Vice President, Global Investment Operations

  “We have been extremely pleased by our engagement with NQR as an addition to our intermediary oversight program.  The staff is knowledgeable, extremely helpful, and we feel that the evaluation of the material is on point."

“Each year the service gets better and better”

 

“Each year the service gets better and better.  NQR is always willing to work with us on creating and customizing reports."

- Senior Business Systems Analyst

National Quality Review
2019-06-19T12:28:10-04:00

- Senior Business Systems Analyst

  “Each year the service gets better and better.  NQR is always willing to work with us on creating and customizing reports."

“Allowed us to enhance our program”

 

“We have a very small operations team that is focused on intermediary oversight.  Leveraging NQR's services allowed us to enhance our program and focus on other areas within operations.”

- Operations Specialist

National Quality Review
2018-02-19T19:30:30-05:00

- Operations Specialist

  “We have a very small operations team that is focused on intermediary oversight.  Leveraging NQR's services allowed us to enhance our program and focus on other areas within operations.”

“A consistent method to analyze and compare intermediaries”

 

“The numerical methodology has provided a consistent method to analyze and compare intermediaries.”

- Chief Compliance Officer

National Quality Review
2018-02-19T19:27:55-05:00

- Chief Compliance Officer

  “The numerical methodology has provided a consistent method to analyze and compare intermediaries.”

“My relationship manager has been very responsive”

 

“My relationship manager has been very responsive and supportive throughout the development and maintenance of our Oversight program.”

- Quality Analyst

National Quality Review
2018-02-19T19:42:00-05:00

- Quality Analyst

  “My relationship manager has been very responsive and supportive throughout the development and maintenance of our Oversight program.”

“Provides us confidence in the ability to identify risks”

 

“The IM INSIGHT platform is very useful to gain data for a number of inquiries. The analysis is quick, consistent, and provides us confidence in the ability to identify risks.  I also know I can request assistance or get help exploring solutions to improve our program.”

- Quality Analyst

National Quality Review
2018-02-19T19:43:49-05:00

- Quality Analyst

  “The IM INSIGHT platform is very useful to gain data for a number of inquiries. The analysis is quick, consistent, and provides us confidence in the ability to identify risks.  I also know I can request assistance or get help exploring solutions to improve our program.”

“Enabled us to follow industry standards”

 

“IM INSIGHT enabled us to follow industry standards for reviewing third-party attestation reports.”

- Manager, Institutional Business Support

National Quality Review
2018-02-19T19:07:04-05:00

- Manager, Institutional Business Support

  “IM INSIGHT enabled us to follow industry standards for reviewing third-party attestation reports.”

“Lends additional credibility to the review”

 

“I’m the only person in our shop who performed the audit report review and evaluated the priority level.  IM INSIGHT made it so the process can more easily be cross-trained.  The service also provides a third party’s independent assessment of the material and lends additional credibility to the review.”

- Intermediary Oversight Director, Dealer Services

National Quality Review
2018-02-19T18:54:00-05:00

- Intermediary Oversight Director, Dealer Services

  “I’m the only person in our shop who performed the audit report review and evaluated the priority level.  IM INSIGHT made it so the process can more easily be cross-trained.  The service also provides a third party’s independent assessment of the material and lends additional credibility to the review.”

“I can find what I need at any time”

 

“Being able to provide audit reports, supplemental documents, and questionnaires to the online platform and not spend time analyzing, organizing, or reporting is a tremendous efficiency for us.  The options for reporting data are also helpful- I use some reports regularly and others less often, but I can find what I need at any time."

- Senior TA Operations Analyst

National Quality Review
2018-02-19T19:03:08-05:00

- Senior TA Operations Analyst

  “Being able to provide audit reports, supplemental documents, and questionnaires to the online platform and not spend time analyzing, organizing, or reporting is a tremendous efficiency for us.  The options for reporting data are also helpful- I use some reports regularly and others less often, but I can find what I need at any time."

“The staff is very knowledgeable about our needs in the industry”

 

“The staff is very knowledgeable about our needs in the industry and the tools we can use to get the answers we’re searching for.”

- Assistant Vice President

National Quality Review
2018-02-19T19:54:25-05:00

- Assistant Vice President

  “The staff is very knowledgeable about our needs in the industry and the tools we can use to get the answers we’re searching for.”

“We partnered with NQR to leverage the audit review expertise”

 

“We partnered with NQR to leverage the audit review expertise rather than building our own FICCA knowledge from scratch, to improve efficiencies by outsourcing the direct document reviews, and to utilize those outputs to inform our general oversight and firm-specific evaluations.”

- Manager, Controls & Risk Analysis

National Quality Review
2018-02-19T18:52:09-05:00

- Manager, Controls & Risk Analysis

  “We partnered with NQR to leverage the audit review expertise rather than building our own FICCA knowledge from scratch, to improve efficiencies by outsourcing the direct document reviews, and to utilize those outputs to inform our general oversight and firm-specific evaluations.”

“Resonates with executive management and the Fund Board”

 

“NQR adds value by offering third-party perspective.  This resonates with executive management and the Fund Board.”

- Senior Vice President

National Quality Review
2018-02-19T18:50:29-05:00

- Senior Vice President

  “NQR adds value by offering third-party perspective.  This resonates with executive management and the Fund Board.”

“It was a great idea for NQR to reach out to intermediaries”

 

“I think it was a great idea for NQR to reach out to intermediaries and solicit the audit reports on our behalf.  It saves us time and helps us track progress for those firms.”

- Senior Director, Intermediary Oversight & Payments

National Quality Review
2018-02-19T19:13:41-05:00

- Senior Director, Intermediary Oversight & Payments

  “I think it was a great idea for NQR to reach out to intermediaries and solicit the audit reports on our behalf.  It saves us time and helps us track progress for those firms.”
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