REDEFININGIMPLEMENTATION

THE CLEARWATER WAY

Implementations |www.clearwateranalytics.com 1

At Clearwater, we know that if you’re thinking of implementing a new portfolio accounting and reporting solution, it’s because you need specific issues solved quickly, and with minimal interruptions to your team and process. So we’ve built our implementation around your needs and to truly align with your business goals.

Asset managers rely on crucial daily processes. Your core accounting and trading tasks can’t be put on the back-

burner when moving to a new system. We understand that every firm has its own unique complexities and challenges, and there is no one-size-fits-all implementation. Every phase of our process is detailed, collaborative, and customized for your specific business needs.

While most implementations follow a linear process, Clearwater’s advanced Software-as-a-Service (SaaS) solution enables us to complete implementation

milestones concurrently. As a result, our implementations stay flexible, on schedule, and on budget.

Bad experiences with other implementations might have left you overwhelmed or intimidated by the idea of converting to a new software solution. But our proven process is better, every step of the way.

Implementations are intimidating. Sometimes the thought of

a new implementation is so overwhelming that it keeps you from

moving to a system you know is better. The disruptions that typical

implementations cause have real impacts on your business; it’s

understandably tempting to stick with the status quo and find

work-arounds instead of go through a potentially lengthy and

messy implementation.

“Your implementation team was quick to respond to our needs, and worked

tirelessly to ensure a successful quarterly close. I have been in investment accounting for 20 years and I’ve never seen a company

with the same knowledge, expertise, and professionalism on such a vast array

of issues. I am very confident in a long partnership with Clearwater Analytics.”

Dean Crabtree

Business ConsultantJP Morgan

Implementation Philosophy

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1. Getting Started

A successful implementation starts with a successful kick-off. At Clearwater, we’ve streamlined and simplified the kick-off so it has minimal impact on your team’s schedule and budget.

Phased Progress Meetings

Your portfolio accounting and reporting operations are complex, and understanding them takes time. Instead of overloading the kick-off meeting and ending up with only a limited knowledge of your firm and its needs, Clearwater uses short, phased progress meetings. This approach lets us

easily adapt the implementation outline and dive deep into your complex investment operations. During these meetings we develop a clear understanding of your firm’s unique needs and how to integrate those needs into the implementation process. Where some implementations take days to get started, ours takes hours.

2. Core System Set-Up

Typical legacy implementations have hard- hitting impacts on your vital day-to-day activities as you try to move data into a new system, while still keeping up your daily account processes. Clearwater’s implementation does not disrupt your daily workflow.

Seamless implementation begins with the core system set-up. Where typical implementations require you to hire a consultant—or devote internal employees’ time and efforts—Clearwater dedicates a team solely to your firm’s specific set-up requirements. We determine your elections, get access to your accounts and custodian feeds, scope your investment compliance policies, set up user access and entitlements, and take care of all other core system framework specifics. You provide some basic information about your firm’s data, and we complete the system set-up without costing you additional time or money.

Custodian and Trading System Access

Importing accurate data is crucial during implementation because the data load impacts both initial and ongoing use of the solution. And yet, many implementations require time-consuming manual data entry. In addition to slowing down the entire process, manual data entry introduces the risk of user-input errors, which then lead to critical issues downstream.

Clearwater’s automated accounting data upload eliminates manual data entry—and with it, the risk of data input errors. You simply give Clearwater access to your trading system data and custodian feeds, and our advanced technology will do all the hard work. There’s no manual intervention needed from you, and no hardware or

software to install. With Clearwater’s more than 500 established connections to global safekeeping institutions, setting up feeds with your custodian is quick and seamless. You won’t have to fill out spreadsheets with hundreds of columns of data, or track down every detail about your assets. Our best-in-class technology means Clearwater clients have accurate accounting data from day one, and data load errors won’t come back to haunt you.

Painless System Parallel

Typical implementation processes require that you tie-up valuable internal resources when switching to the new system, at a cost to your core business productivity and efficiency. But the benefits of Clearwater’s SaaS solution go beyond just eliminating the need for installation and manual data

entry. Clearwater independently runs parallel to your current legacy system for as long as needed. This gives you visibility into how Clearwater works with your investment data and full confidence that you understand the system before implementation is complete.

Running parallel not only lets us show you how Clearwater manages data better than any other solution, but also guarantees there are no gaps in data management. When new clients see Clearwater directly paralleled to their current system they feel excited about going live—with none of the worry that accompanies typical implementations. Once you’re 100% comfortable with Clearwater we sunset your current solution and you’re up and running, seamlessly.Typical Implementation Process Clearwater’s Implementation Process

Information Dump Typical implementations start a kick-off phase without fully understanding the firm or its needs. They map out the process in time-consuming meetings, and the end result is an implementation plan that is inflexible, lengthy, and not customized for your specific business needs.

Phased Information Gathering Clearwater starts with a concise and efficient kick-off that maps out the entire process plan, and focuses on the details that are important to you. Kick-off is a collaborative effort, broken up into small tasks, so we can truly understand your business and have the flexibility to customize the implementation plan as we learn more about your firm’s unique needs along the way.

Linear and Inflexible Timeline Kick-off meetings can take days, take up your entire team’s time, and still leave you wondering how all the deliverables will be incorporated. Schedules and target dates rely on a linear process, so if one is missed the entire plan and budget is thrown off, leading to bloated implementation costs and unmet deadlines.

Concurrent and Streamlined Timeline Clearwater’s technology allows us to run implementation milestones concurrently. This benefits your team as early as the kick-off phase, when we can get started on many basic tasks immediately, even as we give you time to absorb the plan. This versatile methodology allows us to complete tasks concurrently, so items like the initial account reconciliation and roll forward can be completed on one timeline, while GL configuration and investment policy compliance build-out follow their own timelines. This all works without the project bottleneck that occurs with linear plans.

Timeline Motivated by Billable Hours From the project plan onwards, many vendors charge by the billable hour. The vendor then has no motivation to complete an implementation on time: the more time it takes, the more money they make. Even those vendors that charge a fixed rate for a specified amount of time often end up charging more than they initially promised, as the workload goes beyond the allocated timeline.

Timeline Motivations Aligned Clearwater doesn’t charge an hourly rate for implementation, so we don’t have any incentive to make the implementation go longer than initially planned. Our focus is efficiency and client-satisfaction. Our motivations are aligned with yours, and our contracts are month-to-month, so we know that we must strive to earn your business every day, not just on signing day.

Typical Core System Set-Up Clearwater’s Core System Set-Up

Installation Difficulties Whether it is hosted on a specific computer, on a private network, or on a remote-access server, traditional software takes significant IT resources to install (and maintain).

Convenience of SaaS The Clearwater solution and all associated data is web-based, meaning implementation is easy and requires no software or hardware installation and no IT resources. All you need is an internet browser and login credentials.

Disruptive Manual Parallel Providers who use legacy technology rely on the client to untangle data and manually create spreadsheets to compare the current system with the new system. It’s then the client’s job to find any errors and smooth out any inconsistencies. This wastes significant internal resources, and if even a minor discrepancy is overlooked it can cause havoc later on.

Risk-Free Parallel Clearwater’s platform runs parallel to your current system—with no additional work from you—for as long as you need it to. If we find any discrepancies between the two systems our implementation specialists sort out the issue and only contact you for additional insights or updates. When you are ready to turn off your old system, there are no gaps or data missteps. We make sure you feel 100% confident on the Clearwater solution before you fully transfer over.

Additional Support Costs With many providers, the client must pay for the implementation team to travel to the client’s offices, plus pay for any set-up time. Then there is the additional internal burden of taking staff away from their work to manage implementation issues all day long.

All-Inclusive Support The majority of Clearwater implementations are handled remotely by investment accounting and reporting experts, and there are never additional support, maintenance, or training fees during implementation or after. You can contact your Clearwater support team for unlimited help anytime.

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3. Integrated Training

Even the most smoothly executed implementation is a failure if you don’t feel comfortable using the system when it’s live. But when training is left to the final step, that’s what often happens. Typical implementations conclude without enough training, without enough time for more training, and without enough budget to pay for the training that’s needed. By the time you go live the implementation budget is wrung out, and you still don’t understand the system.

At Clearwater, we take a different approach. Clients have access to the solution much earlier, which allows us to start training

much earlier. A few weeks after signing the contract, you can log in and start using Clearwater. We don’t leave training until the end of implementation—we offer unlimited training starting at day one and continuing for as long as you’re a Clearwater client. Instead of instruction overload, Clearwater’s accounting and product experts customize training into specialized sections, and are always focused on what you need to know. So by the time implementation is done, you are very comfortable on the system.

4. Go Live

In addition to last-minute training struggles, most implementations end in a scramble to reconcile the previous

period and get everything up to date. In contrast, Clearwater has been running parallel to your previous system since the moment data was uploaded. We reconcile accounts throughout every stage of implementation and process multiple periods at once, so we can lock down accounting values at your pace. You don’t have to wait until the end of a long project to use the system; our clients derive value from Clearwater almost immediately.

Our specialized technology allows us to concurrently tackle multiple tasks and milestones, which means that your holdings and transactions data are always up to date. There is no complicated last minute data processing to rush through.

Typical Training Clearwater’s Training

Training Costs Extra With most providers, training costs extra, and if clients don’t have the budget for it, they simply don’t learn the system thoroughly. Other providers will also try to train clients on every detail because the more they learn, the more providers are paid—even if it’s work that clients never need to do. This not only bogs down the process and increases the cost, but keeps clients from learning the most important capabilities that they really need to know.

Training is Included With Clearwater, training does not cost extra during implementation, or after. We understand that our most satisfied clients are trained clients. We start training on day one, and we focus on teaching clients what they actually need to know. And if a new reporting challenge needs to be solved or new staff needs to be trained, Clearwater provides additional training at no additional cost.

Training Doesn’t Start Until the End Other implementations leave training until the final stage of the process—when clients are getting close to the end of their implementation budget. Because of budget constraints, clients get a crash course instead of a comprehensive and thorough groundwork, and never fully understand the capabilities of the system.

Training is Integrated With Clearwater, training is included throughout the implementation (and whenever you need it afterwards). Instead of one large session at the end, we train through several sessions throughout the implementation. We can review training as many times as needed, and with as many members of your team as necessary, during implementation or after. We also have a comprehensive Client Help Portal for those who prefer independent study or self-paced training.

Complicated Software Other systems are not intuitive and have a lot of moving parts that don’t actually help clients, yet need to be managed by clients. This takes time, energy, and resources that clients don’t have during implementation and beyond.

User-Friendly and Intuitive Interface Clearwater is intuitive and easy to use. It’s easily customizable, so clients can learn it quickly and adapt it to specific reporting needs.

Go live tasks have been going on since day one, behind the scenes. With Clearwater, you have access to your data at the beginning of implementation, have visibility into how the system works with

your data during implementation, and have fully reconciled data before the end of implementation. This means there are no catch-up tasks at any stage, and when you go live, your data is as ready as you are.

Optional Client Access

System Set-Up

Kick-Off Information Gathering System Set-Up Training Go Live

TYPICALLINEAR

PROCESS

CLEARWATER’S PROCESS

Kick-Off

Information Gathering

Custodian Access

Trading Systems Access

Systems Parallel

Training

I M P L E M E N T A T I O N T I M E L I N E

GO LIVE!

A Better Implementation

Clearwater’s experienced implementation team will get you up and

running on our world-class portfolio accounting and reporting solution

quickly, painlessly, and with minimal effort on your part. With Clearwater,

implementation isn’t something to be scared of. Instead, it’s the first step

in building a unified, long-term partnership, and our first chance to show

you how we can immediately improve and streamline your investment

accounting and reporting processes. That’s the Clearwater way.

©2014 Clearwater Analytics All rights reserved. This material is for informational purposes only. Clearwater makes no warranties, express or implied, in this summary. All technologies described herein are either registered trademarks or trademarks of their respective owners in the United States and/or other countries.10.2014

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