Coronation Automates Corporate Actions

Coronation Fund Managers is automating its corporate actions lifecycle with SmartStream Technologies’ TLM [transaction lifecycle management] Corporate Actions OnDemand solution, becoming the first TLM Corporate Actions client in South Africa. 

The automated approach adds control and risk mitigation to internal operational procedures, says Alan Jones, SmartStream business solutions director. Coronation is using the solution to process mandatory and voluntary events, including proxy voting for its domestic and international markets.

“Without this automation, financial services firms have to manage their corporate actions processes in a highly manual, paper-based environment, which not only increases the manual touch points but also exposes them to the risk of missing election deadline dates or corporate actions events in their entirety,” Jones says, adding that the solution eliminates the “heavy lifting” associated with processing various event types. 

“Presenting a normalized golden record within a task-orientated platform that provides instant access to tasks and exceptions as they need to be managed delivers an automated control checklist to all events,” he says. “This also facilitates instant alerting and escalation of priority tasks, exceptions and deadlines to limit or remove associated processing risks.”

Coronation says the implementation took less than four months and ran in parallel with several other strategic initiatives.