Charles Schwab Corp. plans to use risk management software from Jack Henry & Associates Inc. of Monett, Mo., to help identify and resolve exception items.
The San Francisco brokerage will use the Enterprise Exception Management Suite, which compiles and evaluates transaction data to spot unusual financial activity, using rules defined by customers, Jack Henry said Thursday.
Schwab said the software, which Jack Henry offers through its ProfitStars division, would replace multiple risk management applications developed in-house and would automate several processes currently performed manually.
"Automating our reconciliation processes with EEMS will ensure the integrity of our data, generate operational efficiencies, and seamlessly support our unique, evolving, and increasingly complex reconciliation requirements," Jennifer O'Reilly, Schwab's vice president for operations control, said in a Jack Henry press release.
