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Industrialisation of the back-office function
Do more, safely and in less time. These few words sum up the challenge of industrialising back-office functions. Not so very long ago, in the last century, back-office functions involved paper processing and physical securities delivered via trucks. Today they comprise a virtual but very real world of electronic flows and processing of securities. Huge efforts in automation have been made, more or less continuously since the 1970s, supported by the implementation of standards, to achieve the industrialisation of the back office which has occurred in response to increased volumes in the general move towards globalisation and the reduction in time taken to process securities. These efforts, which are likely to continue, have led to restructuring and increased staff specialisation, which in turn offers real challenges to many organisations — both in terms of training and in keeping on board highly qualified specialists able to adapt themselves to a constantly changing environment and offer their clients tailor-made solutions in an industrialised environment.
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Pierre Colladon is a Senior Advisor with the Strategy for Market Infrastructures Department at Societe Generale Securities Services. He is responsible for clearing, custody and issuer services issues. Pierre began his career at Societe Generale in 1989 as a financial controller of treasury, forex and junk bonds activities in the SG Capital Market Department. Three years later he was appointed Deputy Head of the French Franc Treasury Department. In 1998, Pierre became an advisor on international issues for Societe Generale Securities Services’ Public Affairs Department before taking on project management for the business’s fund activities in 2001. Pierre was appointed Head of Quality Monitoring in 2004 for SGSS’s network management and has been a senior advisor in Strategy for Market Infrastructures since 2009. Involved in European harmonisation efforts, he is a member of groups such as the T2S Harmonisation Steering Group (HSG), the T2S Cross Border Market Practices Sub-Group (XMAP), the Corporate Action Joint Working Group (CAJWG), and the Joint Working Group on General Meeting (JWWGM).