Assessed operating model for a bank’s account reconciliation process
Assessed operating model for a bank’s account reconciliation process
Scott’s team assessed the account reconciliation process against the firm’s target operating model to provide management with a comprehensive overview of process maturity. In looking at process, people, service delivery, technology, performance insights and data, and governance, the team was able to clearly articulate opportunities and provide solutions for less-established aspects. The team went on to establish a reconciliations Center of Excellence (CoE) to provide the entire organization with clear direction on best practice and regulatory and financial requirements. Further, the analysis of the financial data flow between the account reconciliation system and the general ledger indicated room for improvement. The team worked with management to remove manual processes and leverage existing automation functionality to mitigate risk and improve the completeness and accuracy of financial data.
Note: This work was performed prior to joining Stout.