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Pandemic Business Practices We Will Continue
This year, we are honored to be shortlisted for the FTF News Technology Awards 2021 in the category of “Best Systems Integrator Amid The COVID-19 Crisis.” While voting continues for this and other FTF award categories until May 14, we find ourselves reflecting on what pandemic business practices we will keep and what will be changing as we emerge from this crisis.
The Security Challenge of Remote Work Will Remain
From the pandemic’s outset, we observed that family offices faced increased scrutiny of their security due to COVID prevention measures. Because so many family office staff are still working from home, family offices must address security risks, either real or perceived. Our integration platform has been key in helping firms address security concerns during the crisis. Of course, with more people returning to work in-person, security will continue to be an issue. And many firms, now aware of the benefits of offering work-from-home options, will embrace a blended remote and in-person work environment. This will place even more pressure on demonstrating that back office operations can occur securely, regardless of the location.
Integration Platforms Reduce Security Risks
Without an integration platform in their IT infrastructure, accountants, analysts, and relationship managers must download information to their personal computer for analysis and reporting, then upload it back to the general ledger system. This increases security risks. By using integration on the backend via a platform like Risclarity’s, security breaches can be prevented. Essentially, an integration platform prevents family office staff from having to manipulate data on their local system (like a laptop) because changes occur on a secure platform.
Mitigating the Reporting Demands of Market Volatility
Market volatility created additional pressure on the firms we served in 2020. Market volatility means that firms need more timely information to satisfy their requirements. Risclarity customizes reporting to include unexpected market anomalies in response to these demands on firms. Because our business model combines software with consulting and customization services, our company has been well-positioned to meet these demands. Our ubiquitous technology innovation focus is on decreasing the time it takes to process data. Therefore, our latest business and technology innovations have positioned us uniquely in the market to anticipate the challenge of market volatility.
Risclarity’s business model––software with optimization, customization, and consulting services–– gives us unparalleled insight into the corner cases that make up 5-10% of the technology challenges family offices face. As a result, we can address a constantly evolving financial market landscape better than most standard platform solution providers whose technology is designed for more common scenarios. Our experience with customized solutions provides robust solutions to overcome market volatility challenges for our clients, and we will continue to leverage that knowledge as we develop our product roadmap.
Better Together: We Will Continue To Partner
Our product innovation combines both business and technology innovation, and our technology platform is the only platform player that integrates best-in-class technology solutions to support family businesses. And unlike consulting firms, our software platform has been built by us—and we fully support its execution in highly customized environments to deliver a unique and robust solution to each of our clients. We’ve partnered with multiple data platforms to integrate a solution that covers all aspects of our clients’ businesses. These partnerships make us stronger, more nimble, and allow us to serve our clients’ specific needs.
Placing Trust In Our People
Risclarity’s culture was built from policies that support the whole person. This lets all members of the Risclarity team give the best of themselves and their expertise to the clients we serve. For example, to foster wellness and creativity, Risclarity offers an unlimited vacation policy. Vacation is not accrued, and employees are encouraged to take time off when they need it. This policy has been invaluable in keeping employees engaged and productive during the pandemic, it has allowed employees to develop additional skills and other interests. in other ways. Two of our employees are published authors (cookbooks and a children’s book). Many coach their children’s sports teams. Others volunteer at their church. And Founder and CEO, Rick Higgins, owns a television production company that produces a biographical series for Rocky Mountain PBS called Great Colorado Women which has won two Heartland Chapter Emmy Awards.
Our people are outstanding, and throughout the pandemic, we have found that flexibility, support, and compassion have reaped incredible benefits we couldn’t have imagined for our clients—and our community. These values are essential to our company, and will continue to be essential.
What Changes Are Ahead?
The year 2020 taught us all that circumstances can change instantly—and dramatically. Looking forward, maintaining focus on fine-tuning our approach to meet the future is inevitable. But certain key elements will remain constant: our core values of integration to bolster security, customization, and optimization to keep our clients light on their feet, our focus on our valuable partnerships with multiple data platforms, and trusting that our team can see us and our clients through anything, even a global pandemic. These values are what make Risclarity the thriving company it is today.