SunGard (http://www.sungard.com) today announced that AIIM, a leading industry association for enterprise content management, has awarded SunGard’s EXP business unit the Carl E. Nelson Best Practices Award for its implementation of EXP AG at The Principal Financial Group (The Principal). AIIM professional members in good standing selected SunGard and The Principal after a review of the finalists’ nominations. AIIM announced the award winners at a gala dinner at the 2007 AIIM Conference and Expo in Boston.
The Principal Financial Group implemented a content management system in response to the introduction of the Securities and Exchange Commission’s (SEC) amendments to Rules 17a-3 and 17a-4 under the Securities and Exchange Act of 1934 to facilitate the collection of investment suitability information on an annual basis. SunGard’s EXP AG Capture solution helped reduce exposure to risk and helped improve employee productivity.
The nomination of The Principal Financial Group centered around its need for integrated document imaging, business process management, Intelligent Character Recognition (ICR)/ Optical Character Recognition (OCR) and administrative recordkeeping systems in order to help it comply with the new regulations. The new rules clarify and expand the scope of recordkeeping options while at the same time require broker-dealers to maintain records in a manner that preserves their integrity. The new rules also require that investment suitability is updated and confirmed for all clients. This requires that information such as name, address, risk tolerance, investment experience and investment objective, is collected from all clients and reported back to them for confirmation within 30 days of receipt.
Jason Ingram, president of SunGard’s EXP business unit, said, “We are honored to have been recognized by our peers in the industry. The implementation of EXP AG Capture helped The Principal avoid having to hire a large number of employees to facilitate the increase in data entry. This award strengthens our resolve to assist our customers in their efforts to be more streamlined and efficient.”
Carl E. Nelson Best Practices Award
The Carl E. Nelson Best Practices Award was established to recognize excellence in the ECM field. The term “Best Practice” denotes a standard of excellence that has been achieved with an organization and refers to a process that can be quantified adapted and repeated. New for 2007, finalists were determined by the AIIM Emerging Technologies Advisory Group (EmTAG) and winners were selected by the entire AIIM Professional Membership.