HOW FRS WORKS
Fiduciary Risk Systems has invested heavily in developing automated proprietary trust administration software. By building our operational efficiencies into a software suite, difficult things like compliance tracking, statement production, real time reporting and documenting trustee actions have become more accessible. It documents steps in trust administration:
- Initiation Of Requests For Distributions
- Payments To Beneficiaries And Vendors
- Records The Frequency Content And Detail Of Administrative Communication With Beneficiaries, Advisors, Vendors, Etc.
FRS’ PROPRIETARY TECHNOLOGY PLATFORM DOCUMENTS, FILES & RETAINS A DIGITAL RECORD OF TRUSTEE ACTIONS & WAS DEVELOPED SPECIFICALLY TO SUPPORT PERSONAL TRUSTEE RECORD KEEPING INCLUDING:
- Compiled Statements
- SOC 1 & SOC 2 Compliant Reporting System
- Compliance Support
- Mitigation Of Administration Risk And Potential For Litigation / Liability Through Consistent Documentation And Record Retention Processes
- Asset And Investment Aggregation That Facilitates Monitoring And Performance Oversight Required For Beneficiary Accountings
- Supporting Court Accountings
- Monthly, Quarterly Or Annual Beneficiary Statements Required By Trust Document Or Jurisdiction Of Trust Situs
- Help With Oversight And Administration Of Unique Assets
- Retains Trust Asset Information Required For Tax Return Preparation
FRS’ automation provides the information necessary to make timely, document-based discretionary decisions. It includes phone and email support and provides T+1 asset price updating if provided electronically by an investment clearing house.
FRS’ automation is intuitive, user friendly and fast. For further information regarding the FRS proprietary automation system please contact us at [email protected].