Your guide to streamlined, cost effective reconciliation
Benchmark your firm against best practice and discover a path to efficiency with the Reconciliation Maturity Model guide.
A roadmap to beating your long standing financial reconciliation challenges for good.
The cost of manual reconciliation tasks at a large bank: 9,000 Ops workers, 65,000 manual processes, $500m direct cost base.
Reconciliation for most financial firms is a complex, costly and often manual task full of risk and opacity. Operations are inagile and overcome by the task of managing the firm’s data. Risk management, trade settlement, regulatory reporting and more suffer as a result.
The Reconciliation Maturity Model is your best practice guide to achieving reconciliation excellence: the most efficient, low-cost and low-risk controls to ensure accurate, trustable data.
It shows you how to move from your current state up the Maturity Model, increasing the time-to-market, efficiency and cost-effectiveness of your reconciliation processes at each stage.
Download it now to start your journey to better recon.
The five stages of reconciliation maturity
Manual Chaos
Shadow IT
All recs carried out manually, using spreadsheets, or end-user developed applications (EUDAs). There is little governance, a high risk of error and a lack of auditability.
Hybrid Capabilities
IT-governed applications
Point solutions automate parts of the controls on specific use cases. These systems have low levels of integration with the rest of the IT ecosystem; “Human APIs” usually fill the gaps with manual work.
Centralised Excellence
Operating model design
All reconciliations consolidated onto one or more automated systems. Significant efficiency improvements and risk reduction. A Centre of Excellence is established to implement reconciliation best practices.
Fully Federated
Advanced analytics
Operations own all aspects of reconciliation. Most processes are automated onto a single cloud-based platform. On-premise systems are decommissioned. This significantly reduces the Total Cost of Ownership (TCO), and provides clear oversight and actionable intelligence on data quality.
Continuous Improvement
AI adoption across the org
Reconciliation is now a proactive control. AI operates real-time processes with self-learning, self-adapting rules. A data-centric operating model protects the business from bad data. Much higher scalability and efficiency across Operations.
Recon maturity:
How much could you save?
Based on 1,000 controls.
Download our guide to:
- Benchmark your firm against the five stages of reconciliation maturity
- See the true cost of your reconciliation function and the steps you can take to realise huge savings
- Discover the key barriers to automation, and how technology will overcome them
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