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Case Studies

Reconciliation Process Centralization

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Client wanted to centralize the ownership, reconciliation and maintenance of external accounts across a complex entity structure.

Challenges

  • External accounts in previous model were opened, maintained, and reconciled by individual departments globally that did not communicate with each other
  • Client needed to identify scope of accounts in existence and their ownership responsibility in case of entity restructuring
  • Initially over 1,500 accounts with unknown activity requirements and outstanding balances
  • New centralized account maintenance and ownership model needed to be communicated to and confirmed by current process owners
  • Client needed resources and expertise with complex reconciliations

Solutions

  • Team confirmed an accurate list of over 1,500 accounts for scope of efforts and gained understanding of reconciliation structure
  • Researched and identified key account information required for centralization of in scope accounts
  • Identified current account owners and reconcilers in order to confirm account structure, usage requirements and process flows

Impact

  • Implemented work flow methodology to centrally maintain account information as responses were received from various global reconciliation contacts
  • Classified 100% of in scope accounts into the new centralized reconciliation model under budget and ahead of year-end deadlines
  • Designed periodic assessment process to confirm account additions or changes in the future to improve efficiency
  • Confirmed centralized account maintenance process with all account reconciliation owners



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