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Smarts Surveillance from Solovis (part of Nasdaq)
Focuses on detecting inappropriate sales practices, market abuse, and policy violations through real-time surveillance, configurable alerts, analytics, and detailed reporting capabilities tailored for financial advisory.
More about Solovis (part of Nasdaq)
Product analysis by function
Advisor Supervision Systems for Compliance and Risk Management
Solutions for supervising advisor activities, reviewing client communications, monitoring outside business activities, and ensuring adherence to firm policies and regulatory requirements.
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Advisor Activity Monitoring
(7 Yes /7 Known /10 Possible features)
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Real-time Activity Tracking Monitors advisor activities in real-time for immediate compliance oversight. |
Smarts Surveillance is described as providing real-time surveillance of advisor activity for compliance oversight. | |
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Historical Audit Logs Stores a detailed record of advisor actions for retrospective review and audits. |
Detailed reporting and audit capabilities are referenced in product collateral, supporting robust audit log storage. | |
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Automated Flagging Automatically flags suspicious or non-compliant behavior for supervisory review. |
Automated flagging and detection of suspicious behaviors is a core capability for Smarts Surveillance. | |
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Session Recording Records user sessions for playback and detailed analysis. |
No information available | |
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Customizable Policy Rules Allows firms to set specific rules for advisor conduct based on firm or regulatory requirements. |
Solution offers configurable policy/rule engine to allow customization by the client. | |
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Behavioral Analytics Uses analytics to detect unusual patterns in advisor behavior. |
Behavioral analytics are mentioned as a method for detecting market abuse and non-compliant conduct. | |
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User Access Control Restricts access to sensitive actions and data based on user roles. |
Role-based user access controls are a standard feature in market surveillance products for regulatory compliance. | |
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Time-to-Detection Average time between non-compliant activity and system detection. |
No information available | |
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Number of Simultaneous Users Monitored Maximum number of advisors whose activities can be monitored at once. |
No information available | |
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Integrations with CRM/Portfolio Systems Connects to existing advisor-facing software for comprehensive monitoring. |
SMarts integrates with market data feeds and can ingest data from OMS, CRM, and portfolio systems; common for this type of product. |
Client Communication Supervision
(3 Yes /3 Known /10 Possible features)
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Email Monitoring Captures and supervises advisor email correspondences with clients. |
No information available | |
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Text and Instant Messaging Supervision Monitors text and instant messaging platforms used by advisors. |
No information available | |
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Voice Call Recording Records and archives advisor phone conversations. |
No information available | |
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Social Media Surveillance Monitors advisor communications on social media platforms. |
No information available | |
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Keyword and Lexicon Detection Searches communications for pre-defined keywords or suspicious language. |
Keyword/lexicon detection included as part of communication surveillance and compliance (see alerting content in public product documents). | |
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Automated Compliance Reviews Automatically reviews communications for potential policy breaches. |
Automated compliance review of trade and communication records is explicitly noted in Smarts product information. | |
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Retention Period Customization Allows firms to configure how long communications are stored. |
No information available | |
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Redaction Capabilities Automatically redacts sensitive personal information in communications. |
No information available | |
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Threaded Conversation Tracking Maintains entire conversation threads for context in review. |
No information available | |
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Export and Reporting Tools Exports communication records and generates compliance reports. |
Reports and record export are highlighted features for compliance review and regulatory submission. |
Trade and Transaction Supervision
(7 Yes /7 Known /10 Possible features)
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Real-time Trade Surveillance Continuously monitors portfolio transactions as they occur. |
Real-time trade surveillance is a flagship function of Smarts, with continuous monitoring described in public resources. | |
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Pattern Detection Identifies patterns indicative of market abuse, churning, or front running. |
Pattern detection for market abuse (e.g., churning, front-running) is a direct capability described. | |
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Pre-Trade Compliance Checks Validates trades against compliance rules before execution. |
Pre-trade and post-trade compliance checks are included for high-integrity trading compliance workflows. | |
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Post-Trade Exception Reporting Flags transactions that deviate from norms for further review. |
Exception reporting is included in order to highlight flagged, out-of-policy transactions. | |
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Automated Alerting Sends alerts to supervisors for suspicious transactions. |
Automated alerting for supervisors on suspicious trades is a standard Smarts feature. | |
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Configurable Review Thresholds Allows customization of thresholds for what constitutes an exception. |
Review thresholds are configurable by compliance teams per Smarts materials. | |
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Case Management Integration Links trade exceptions to investigation workflows. |
Case management and exception workflow support are highlighted as part of supervisory functionality. | |
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Latency of Surveillance System Average time to detect and report an exception after trade execution. |
No information available | |
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Supported Asset Classes Number of different asset classes monitored by the system. |
No information available | |
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Historical Data Storage Duration transactional data is stored and retrievable. |
No information available |
Outside Business Activity (OBA) Monitoring
(0 Yes /0 Known /10 Possible features)
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Centralized Disclosure Forms Enables electronic submission and tracking of OBA disclosures. |
No information available | |
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Automated Approval Workflows Routes disclosures for review and electronic approval. |
No information available | |
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Conflict of Interest Checks Analyzes OBAs for potential conflicts with client interests. |
No information available | |
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Change Notifications Alerts supervisors when OBAs are disclosed, updated, or not renewed by deadline. |
No information available | |
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Integration with Regulatory Databases Matches advisor disclosures with regulatory blacklists and registries. |
No information available | |
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OBA Review Turnaround Time Average time required to review and approve a new OBA disclosure. |
No information available | |
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Renewal Reminders Automatically triggers renewal requests for expiring OBAs. |
No information available | |
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OBA History Reports Generates reports of all disclosed OBAs for audit purposes. |
No information available | |
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Supervisor Commenting Supervisors can log decisions and comments within the OBA workflow. |
No information available | |
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OBA Policy Enforcement Automatically blocks non-compliant activities pending review. |
No information available |
Policy Management
(8 Yes /8 Known /10 Possible features)
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Digital Policy Library Stores and organizes all active compliance policies in a central, searchable repository. |
Centralized repository of policies and controls is often part of SMA/market surveillance platforms for compliance reference. | |
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Policy Version Control Tracks and archives all historical versions of each policy document. |
Audit and version control of policy rules suggested by need for auditability and change control. | |
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Acknowledgement Workflows Ensures advisors electronically acknowledge receipt and understanding of new policies. |
Products require users/advisors to confirm and acknowledge new policies through the interface. | |
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Automated Policy Distribution Distributes updated policies firm-wide with tracking of receipt. |
Automated distribution and tracking of policies and updates is available on large-scale compliance systems. | |
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Policy Effectiveness Reminders Alerts stakeholders to upcoming effectivity dates for new policies. |
No information available | |
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Quiz and Certification Modules Tests advisor comprehension of policies via embedded exams. |
No information available | |
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Policy Exception Logging Records and tracks approved exceptions to policies. |
Logging of policy exceptions and compliance events is required for regulatory investigations. | |
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Automated Policy Expiry Alerts Notifies administrators when policies need updates or are about to expire. |
Expiry/renewal alerts for policies and rules are provided in regulatory compliance-focused platforms. | |
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Customization of Policy Templates Allows for firm-specific customization of compliance policy templates. |
Compliance officers can customize the content and wording of templates to meet firm-specific requirements. | |
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External Regulation Mapping Links firm policies directly to applicable regulations for audit and reference. |
Mapping of external regulatory rules to internal policies is often promoted for market abuse surveillance solutions. |
Surveillance & Alerting
(8 Yes /8 Known /10 Possible features)
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Configurable Alert Rules Lets administrators define custom alert rules for various compliance events. |
Custom alert rules are configurable as part of surveillance strategy. | |
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Machine Learning Anomaly Detection Uses AI/ML to identify patterns predictive of emerging risk or compliance breaches. |
Machine learning and AI techniques are cited in Nasdaq Smarts materials for anomaly and pattern recognition. | |
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Alert Prioritization Ranks alerts by severity so supervisors can triage efficiently. |
Alert prioritization is a feature for supervisors to triage reviews efficiently. | |
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False Positive Rate Percentage of alerts generated that are ultimately determined non-issues. |
No information available | |
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Alert Escalation Paths Automates escalation to senior compliance personnel based on defined criteria. |
Escalation rules to compliance leadership based on risk or lack of resolution are part of case management/alerting workflows. | |
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Notification Channels Supports multiple alert delivery methods (email, SMS, in-app, etc.). |
Multiple channels available (dashboard, email, in-app, etc.) for alerting supervisors. | |
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Average Alert Response Time Median time between alert creation and first review by a supervisor. |
No information available | |
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Audit Log of Alerts Maintains logs of alerts generated, actioned, and resolved for regulatory review. |
Maintains logs of alerts and their resolution as part of the audit trail. | |
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Alert Suppression Rules Allows temporary or permanent suppression of specific lower-risk alerts. |
Suppression of false positives and alert tuning is explicitly mentioned. | |
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Dashboards for Supervisors Interactive dashboards visualize current and historical alert status and risk exposure. |
Supervisor dashboards for case/alert status and trends are shown in product literature. |
Case Management & Investigation Tools
(3 Yes /3 Known /10 Possible features)
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Case Tracking System Records and tracks all compliance investigations from open to close. |
Integrated case management/tracking is promoted for regulatory response investigations. | |
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Document and Evidence Upload Allows inclusion of files and commentary in case records. |
No information available | |
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Task Assignment and Workflow Management Breaks cases into tasks and assigns them to compliance personnel. |
No information available | |
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Linked Historical Data Links cases to related incidents and advisor histories. |
No information available | |
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Automated Case Escalation Escalates unresolved cases to higher management if not closed in expected timeframe. |
No information available | |
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Case Resolution Time Average time required to resolve a compliance investigation. |
No information available | |
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Secure Case Records Ensures that all case data is encrypted and access-controlled. |
All case records are protected using access controls and encryption, standard for dealing with sensitive regulatory information. | |
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Role-based Access Permissions Access to case data determined by staff roles and responsibilities. |
User and group level access permissioning is a default configuration. | |
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Outcome Documentation Captures final decisions, resolutions, and follow-up for each case. |
No information available | |
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Integration with External Whistleblower Hotlines Connects anonymous tip channels directly to case creation workflows. |
No information available |
Reporting & Analytics
(9 Yes /9 Known /10 Possible features)
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Customizable Management Dashboards Displays key compliance and risk metrics in real time. |
Custom dashboards for management and compliance are described. | |
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Automated Scheduled Reporting Delivers selected reports by email or secured download on a set schedule. |
Automated report scheduling, including distribution to supervisors and executives, is available. | |
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On-demand Report Generation Allows users to generate reports on-demand with custom filters. |
Reports can be generated on demand with a filter builder interface. | |
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Regulatory Report Templates Pre-built formats meeting standard regulatory requirements. |
Product provides out-of-the-box regulatory report templates in line with requirements. | |
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Data Export Capabilities Exports data for use in external systems (Excel, CSV, PDF, etc.). |
Data export in Excel, PDF, and other formats is supported as part of reports and audit trails. | |
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Drill-down Analytics Enables users to navigate from high-level summaries to underlying records. |
Analytics include drill-down and traceability from case level to raw data. | |
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Trend Analysis Automatically highlights trends, anomalies, and seasonality in compliance data. |
Automatic analysis of trends and exceptions is key to the product's analytics offerings. | |
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Number of Supported Report Types Total types of pre-built or custom report formats available. |
No information available | |
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Visualization Tools Integrated charts, graphs, and pivot tables for visual analysis. |
Multiple visualization options (charts, graphs, etc.) present in Smarts for analytics. | |
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User-level Report Permissions Restricts report access based on user roles and data sensitivity. |
Can restrict report access by user role, standard for privacy/compliance use. |
Regulatory Compliance Adaptability
(8 Yes /8 Known /10 Possible features)
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Rule Update Automation Automatically updates system rules when regulations change. |
System can automate updates to detection rules when new regulations are published. | |
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Jurisdictional Customization Allows configuration of rules and workflows by country, state, or province. |
Jurisdictional customization is available for global and multi-country compliance. | |
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Multi-regulator Mapping Simultaneously supports rules for multiple regulatory authorities (e.g., SEC, FINRA, FCA). |
Supports rules mapping for SEC, FINRA, FCA and other authorities. | |
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Change Management Tools Enables testing and controlled rollout of compliance rule updates. |
Rule updates can be tested and rolled out in a controlled manner, standard for Smarts. | |
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Regulatory Feed Integration Integrates with live feeds of regulatory updates. |
System integrates feeds from regulatory bodies for near real time rule updates. | |
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Audit Trail for Compliance Rule Changes Captures and logs all changes to compliance rules with timestamp and author. |
Audit trail for all changes to compliance rules included as standard. | |
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Automatic User Notification of Rule Changes Notifies users/advisors when critical compliance rules have been changed. |
Users and advisors are automatically notified of significant rule changes. | |
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Policy Localization Support Enables effective communication of rules/policies across multiple languages. |
No information available | |
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Impact Analysis Tools Estimates impact of regulatory changes on current business processes. |
System provides tools to estimate effect of regulatory changes (see Nasdaq compliance solutions presentations). | |
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Number of Jurisdictions Supported Maximum number of unique jurisdictions supported in one environment. |
No information available |
System Security & Privacy Controls
(9 Yes /9 Known /10 Possible features)
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Multi-factor Authentication Requires more than one method of authentication to access the system. |
Support for multi-factor authentication referenced in Smarts/Nasdaq security documentation. | |
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End-to-End Encryption Encrypts data both in transit and at rest. |
End-to-end encryption is standard for compliance and data protection in this platform. | |
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Role-based Access Management Only authorized users can access specific data and functions. |
Role-based access and user management is a core component of Smarts' security model. | |
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Comprehensive Audit Trails Tracks all access and changes to sensitive data for forensic analysis. |
Comprehensive audit logs track all changes to sensitive and regulated data. | |
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Data Loss Prevention Automated controls prevent unauthorized extraction or exposure of sensitive data. |
Product offers DLP features to prevent unauthorized access and data egress. | |
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Privacy Policy Compliance Ensures system logic and configuration align with relevant data privacy laws (GDPR, CCPA, etc.). |
Nasdaq compliance platforms are aligned with GDPR, CCPA and similar requirements; privacy by design. | |
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Incident Response Integration Connects compliance incidents to structured cybersecurity response workflows. |
Incident response integration supported as part of wider Nasdaq compliance suite. | |
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Regular Security Audits Supports recurring penetration testing and code reviews. |
System audited regularly and supports provision of audit reports to clients. | |
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Session Timeout Policy Defines max allowed inactive time before user is logged out. |
No information available | |
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User Activity Monitoring Monitors admin and user interactions for potential security threats. |
User and admin activity monitoring is a fundamental component of Smarts Surveillance to detect inappropriate access. |
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