Integration is one of the key drivers of cost when switching over to a new system as it generally requires consulting services from the software vendor as well as downtime for your conflicts department. This could cause a back-log, and it's important to understand how that's going to impact the firm.
Again, you also want to select a program that is as open ended on the front and back end to insure that your inputs and outputs will meet the needs of the firm. In week 2 of our series, we discussed taking a survey of your existing landscape - and this is where that list of existing software programs that are on the input and output sides of your conflicts software will come in handy.
Here are some good questions for your software vendors about integration, again we've borrowed some from Sandra Roberts and added a few of our own:
- (If it's a stand-alone product): How does it interact with our list of inputs and outputs?
- Does it integrate with research engine databases and 3rd party sources that the firm uses?
- Dun & Bradstreet
- Westlaw
- LexisNexis
- Capital IQ
- Bureau van Dijk
- Does it integrate with OFAC?
- US Treasury Department Office of Foreign Asset Control
- Does it provide global conversion of existing data?
- How long will it take to convert?
Cori Blackburn
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