Using cost basis activities to jumpstart business improvements

Contributor: Jodi Baskin

No matter where you are in your efforts to address mandatory cost basis reporting, it is likely you are acutely aware of all the network and data issues that need addressing in order to become compliant with the new rules under Section 403 of Division B of the Emergency Economic Stabilization Act of 2008, by January 1st of 2011. While it may seem like just another compliance project for your organization to tackle, it actually presents you with opportunities to improve your business as a whole.

Think of cost basis reporting activities as a way to jumpstart business improvements in customer service and improve process efficiency by streamlining IT infrastructure. While addressing cost basis requirements, you may also impact and foster better transparency with clients and find ways to help grow your business.

While the industry waits for more information to be released, and while cost basis reporting reviews, implementations and/or improvements are under way, you may want to check out SunGard’s thought leadership white paper, Cost Basis — Turning Compliance into an Opportunity to Improve Your Business. This white paper focuses on the various opportunities available to influence and improve business efficiency, supporting networks, transparency and client service — while addressing cost basis requirements and key points.

Have you already found that there may be more to learn from compliance projects than what seems apparent on the surface? What kinds of stumbling blocks have you encountered in your compliance and improvement activities related to cost basis? We are interested in your opinion; share your views here and/or comment on the white paper.

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