Rorer Asset Management Case Study
Rorer Asset Management, LLC (Rorer) is a Philadelphia-based registered investment advisor with aggregate assets in excess of $9 billion, managing investment portfolios for both institutional and individual accounts. The managed account sector is one of the fastest growing areas in the financial services market and Rorer’s business has shared in that growth.
The investment management business is characterized by the need to process large volumes of information and documentation. Each client account includes new account applications and related paperwork, trading confirmation documentation and month end statements. The business of managing these accounts also generates a large number of paper-based and computer-generated reports, and various departments of Rorer generate documents with millions of pages annually. For the most part, documents and other information were being stored in file cabinets and off-site storage, and Rorer faced not only the constant challenge of managing and storing all this information, but also making it available for use in a number of the company’s daily business processes.
Rorer completed a business process assessment and determined they needed to implement a system that would allow them to gain greater control over and access to the documents and information upon which its business depends. More specifically, the company wanted a system that could provide a better way to store and access documents; create a disaster recovery capability for documents and data; reduce costs and time associated with operating with paper files; gain more control over files and documents; and leverage technology to better control and automate processes to improve operational efficiencies. As a result, Rorer turned to Imaging Solutions, an authorized reseller of Hyland Software’s OnBase integrated document management solution, for help.
Based on these requirements, Imaging Solutions implemented an OnBase integrated document management solution consisting of Imaging, Workflow, COLD, Document Import Processor, EDM Services and E-forms. The system provides each user with electronic access to all documents and related information, to which they are authorized, while providing for the capture, storage and retrieval of both paper and electronic documents. Complete client files are available online, and users can access the data without regard to the file type or source of the information.
Because the information is available electronically, multiple users have access simultaneously, eliminating the wait for crucial information while improving customer service. In addition, the risk of lost files is eliminated through the use of fault-tolerant systems and an automatic backup routine.
Imaging Solutions worked with Rorer to meet their requirement of implementing a system that provides maximum flexibility. As a result, documents are added to the system in various ways:
- Paper documents are scanned onsite using three scanners.
- Paper documents also are imported via OnBase Document Import Processor. These documents can be either scanned offsite in batch or received by Rorer as PDF or TIF files via CD or some other electronic medium.
- Mainframe reports are made available through OnBase COLD which processes data files to identify documents within the files and store keywords of those documents.
- Electronic documents, including Microsoft Word and Excel, are added using EDM Services, which allows users to import third-party application documents into OnBase via an ODMA interface.
- Fax documents are imported and indexed directly from a fax server queue.
Rorer’s new OnBase system expedites the document input process using OnBase’s auto indexing feature, reducing the time taken to manually enter information and eliminating many of the data input errors associated with data entry operations.
With the documents available electronically, Rorer further increased its processing efficiency by using OnBase E-forms and Workflow technology to automate the company’s New Accounts process. All new account information is filled out on-line using a web-based HTML form. The information on this form is then submitted to a workflow process where data is checked for completeness and accuracy and is automatically routed to Security APL, Rorer’s portfolio management software system, as well as to multiple departments including Trading, Compliance and Portfolio Accounting. OnBase allows new account set-up time to be reduced and decreases the time it takes to ready an account for trading.
In addition to the New Account workflow, additional backoffice processes have been automated, including Account Changes, Trading, Month End Reconciliations and Tax Selling Requests. Outside of the operational areas, Rorer also has leveraged OnBase in the areas of Human Resources and IT/Ops Help Desk.
Rorer’s OnBase solution has created increased workplace efficiencies not immediately identified in the company’s original need’s assessment. In addition to increased control of its resources, processes and business in general, Rorer also has experienced broader and quicker access to information; enhanced efficiency and service; a virtually paperless operation which has led to reduced storage needs; and the capability to implement a comprehensive disaster recovery plan. Also, with the elimination of paper and redundant data entry came the reclamation of more than six hours per week of time that an Operations manager spent reviewing error correction processes.
And based on the company’s easy implementation of OnBase and its quick acceptance into Rorer’s business culture, the company’s implementation of additional workflows is only constrained by the number of hours available in the workday.