Northern Trust Launches Operational Risk Consulting Service for Front Office Solutions Business

Rhea-AI Summary

Northern Trust Front Office Solutions has launched Operational Risk Consulting, a tailored management consulting service focusing on investment operations. This initiative aims to enhance operating models and drive efficiency for investment organizations, responding to the evolving needs of key stakeholders. Vincent Molino leads this service, offering expertise in areas such as technology evaluations, vendor assessments, and operational process analysis. Northern Trust has a robust history in asset management, holding US$14.5 trillion in assets under custody and US$1.4 trillion under management as of December 31, 2020.

Positive

• Launch of Operational Risk Consulting addresses the evolving needs of investment organizations.
• Expertise in technology evaluations and operational process analysis could enhance operational efficiency.
• Northern Trust's strong financial base with US$14.5 trillion in assets under custody.

Negative

• None.

Northern Trust Front Office Solutions today announced the launch of Operational Risk Consulting, a bespoke service that provides management consulting with a specialized focus on investment operations. The service deploys the expertise of Northern Trust as an industry leader in asset management and asset servicing to identify enhancements to operating models and drive operational efficiencies.

“The velocity of change accelerated within the investment industry in 2020, and institutions can no longer ignore the effects on both operations and business,” said Vincent Molino, Head of Operational Risk Management Solutions at Northern Trust, who will lead the new consulting service. “Looking to 2021, many investment organizations realize their operating models will need to evolve to respond to the expectations of key stakeholders such as investors or beneficiaries, business partners, investment consultants and governance bodies.”

As organizations evolve, Operational Risk Consulting can provide enhancements to front, middle, and back offices, advising on the adoption of new technologies and recent trends toward consolidation. Along with asset management firms, organizations such as outsourced chief investment officer (OCIO) firms and family offices are looking for help in building out robust and future-proofed operations as they grow in complexity and sophistication.

“Northern Trust’s extensive experience in helping investment groups manage and evolve their operating models aligns with our Whole Office strategy to provide integrated services and technology across the investment lifecycle. Combining this perspective with insights from our Operational Due Diligence practice leverages our expertise in enterprise assessment and provides solutions that enhance operations to the specific needs of individual clients,” Molino said.

Within the Operational Risk Consulting offering, solutions can be provided through a variety of disciplines, including:

• Advisement on operating model enhancements and risks
• Technology and system evaluations
• Vendor and service provider assessments
• Operational process gap analysis

Northern Trust Operational Risk Management Solutions is part of Northern Trust Front Office Solutions, an integrated, cloud-based service and data platform that enables investment offices to analyze data from disparate sources across all asset classes in a centralized repository. The platform is enhanced by a la carte support services, including Operational Risk Management, and outsourced middle- and back-office services. For more information, visit northerntrust.com/solutions.

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 22 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2020, Northern Trust had assets under custody/administration of US$14.5 trillion, and assets under management of US$1.4 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Please visit our website or follow us on Twitter.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Please read our global and regulatory information.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210308005622/en/

FAQ

What is Northern Trust's new service announced in March 2021?

Northern Trust announced the launch of Operational Risk Consulting, a service to enhance investment operations.

Who leads the Operational Risk Consulting service at Northern Trust?

Vincent Molino, Head of Operational Risk Management Solutions, leads the new consulting service.

How much assets under custody does Northern Trust have?

As of December 31, 2020, Northern Trust had assets under custody of US$14.5 trillion.

What expertise does Northern Trust's Operational Risk Consulting offer?

The consulting service offers expertise in technology evaluations, vendor assessments, and operational process analysis.

How does Operational Risk Consulting align with Northern Trust's strategy?

It aligns with Northern Trust's Whole Office strategy to provide integrated services and technology across the investment lifecycle.