Introduction

A global financial institution with teams across multiple offices worldwide needed an efficient way to manage and distribute reconciliation tasks. The firm employs a "follow the sun" approach, handing off tasks between locations to meet deadlines in delivery locations.

The Client

The client is a top fund administration company facing significant challenges in managing reconciliation processes efficiently across different geographical locations.

The Need

The client lacked a systematic process for a global dashboard to sign off reconciliations,struggled with meeting internal SLAs, managing offshore-to-onshore review handoffs, and lacked metrics on signoff times. Internal SLAs were crucial for timely handover to accounting to ensure NAV delivery on time. Communication between onshore and offshore teams was laborious and manual, using IM, email,and phone calls. Signoff times were critical for daily deliverables and measuring the effectiveness of the workforce. Additionally, assembling metrics to improve process efficiency or review SLAs KPIs required significant manual effort.

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The key challenges included:

• Geographical Dispersion: Harmonizing multiple offshore and onshore locations.‍
• Different SLAs: Each Recon/Fund had a defined internal SLA.‍
• Recon Differences: The inventory consisted of Recons from different clients, different file transformations, different matching tolerances, and different security types.‍
• Data Reporting Requirements: Dashboard required management metrics for reporting and escalation.

Selecting ARO

To address these challenges, the company deployed the EZOPS Recons and Operations Dashboard to transform global team task and metrics tracking with a real-time view of the reconciliation process. The Operations Dashboard provides:

• ‍Real-time View: Recon signoff status in RAG format relative to the defined SLA time.‍
• Recon Signoff Times: Tracking and metrics.‍
• File Delivery Times: Monitoring and reporting.‍
• Recon Metrics: Including the number of matches, proposed matches, and unmatched items.‍
• Materiality & NAV Materiality of  Breaks: Detailed insights and tracking.‍
• Collaboration Tools: Including comments and task assignments.‍
• Access Control: Role and business unit-based access.

The Outcome

The implementation of the EZOPS Recon & Operations Dashboard yielded significant results:

• Enhanced Coordination: Improved collaboration and growth in offshore teams.‍
• Improved Transparency: Downstream users could check the status of Recons.‍
• Better Management Information Metrics: Enhanced reporting and efficiency in reconciliation processes.‍
• Board Reporting: Detailed information on the number and materiality of breaks.‍
• SLA Explainability: Ability to explain SLA breaks and improve through user training and faster delivery of files.‍
• Audit Readiness: Full audit and metrics available for all steps of the process.‍
• Increased Productivity: A user-friendly global dashboard enabled users to focus on higher-value tasks.

Conclusion

By adopting EZOPS Recon & Operations Dashboard, the company streamlined its recon signoff process, leading to increased collaboration and efficiency between offshore and onshore teams. We invite you to explore how EZOPS can help you meet or exceed your goals. Please contact us today to start the conversation.