CODUDE: Due Diligence
CODUDE, short for Collaborative Due Diligence, is a name that encapsulates this function. In late 2016, this platform became the latest product to emerge from MYRIAD Group Technologies Limited. Conceived because the Company listened to the market, the new platform accommodated the Association for Financial Markets in Europe’s (AFME) new standardised Due Diligence Questionnaire.
CODUDE brings together different stakeholders in one electronic platform to deal with an institution’s Due Diligence needs. CODUDE is a ‘utility’ for the bilateral exchange of information in a secure and fully-auditable solution. Focused on the industry’s desire to standardise Due Diligence Questionnaires, CODUDE offers participants the opportunity to complete the AFME DDQ electronically in a manageable pre-loaded format.
Catering to the wider industry, CODUDE utilises the AFME Standard Due Diligence Questionnaire’, to which Network Management and Custody professionals have had considerable input, and users will thereforebe familiar with the system’s content. Its versatility lies in its ability to supportstandardised questionnaires and additional proprietary questions.
A single tool to control andexecute multiple questionnaires with multiple counterparties, simultaneously, it has the potential to deliver an economy of effort of up to 95%, allowing personnel to concentrate on higher-value projects.
Web-based platform, accessed with strict permissions as a Requester or a Responder
Dashboard views of all actions and processes in train
Audit trail and on-screen questionnaire exchange-cycle history
Messaging functionality and email notifications throughout
On-screen help and guidance notes
Response copying functionality
Response cloning functionality and Delta management
A secure solution for the bilateral exchange of data between counterparties.
No third-party inspection: data is visible only to the ‘Requester’ and ‘Responder’.
Economy of effort: input responses once only.
Benefits are considerable from the outset: workload is reduced year-on-year.
Audit trail for the whole Request and Response process.
MGTL can add proprietary questions upon request.
All manner of questionnaires may be accommodated - CASS, RFPs, RFIs, Wolfsberg etc.
Year-on-year delta management functionality (Q4 2017).
Allows the addition of supporting documents and the export of completed files.
A de facto archive and audit trail, storing Responses and detailed history indefinitely.
Messaging and e-mail functionality (another element to the Audit Trail).