Search

In most cases, senior management views the reconciliation function as something that is required in order to comply with regulations, and/or to mitigiate operational and reputation risk. This case study demonstrates the benefits that are offered to an organisation in deploying the industry's best practices and technology within the reconciliation process. The goal of the initiative featuring in this case study was to reduce the cost of the reconciliation process, to improve the exception and risk management process, and to improve the accuracy and timeliness of the reconciliation reports. In order to achieve these goals, an assessment and transformation strategy was completed, business performance metrics were implemented, an automated reconciliation system was established, the manual reconciliation functions were migrated offshore, and the exception and risk management process was enhanced. The benefits realised were a 55 per cent reduction of reconciliation expenses, a 66 per cent reduction of exceptions and associated risks, and 99 per cent on-time delivery of reconciliation reports. This case study provides a practical 'how to' guide on the implementation of similar initiatives, as well as a review of the lessons learned. [ABSTRACT FROM AUTHOR]