‘Check yourself before you rec. yourself’: Eight things to consider when embarking on a reconciliation project

Abstract

Reconciliations are arguably a firm’s most vital function. Not only is it the
last line of defence to guard against error, but it ensures the safeguarding
of the firm’s assets and is the ultimate evidence of fiduciary
responsibility. How can a firm looking to overhaul its reconciliation
operations avoid certain pitfalls and ensure a more seamless integration?
This article details eight key areas firms should explore before or during
their next reconciliation project. Understanding the intersection of people,
process, technology and data will greatly increase the chances of successful
implementation and business adoption. While the author concentrates much of
the article on consideration for reconciliations initiatives, many of these
ideas are easily transferable to any project.