London, 4 February 2016 – The reconciliation function was once perceived as the back office’s necessary evil, but firms are now compelled by regulatory compliance and risk management pressures to reconcile data sets from across the enterprise. Budgets have increased, the number of stakeholders making purchasing decisions has expanded, and many firms are moving to central service models. Yet the average time for firms to analyze, test, and build a new reconciliation is longer than two months, and manual workarounds persist. Further technology investment will be necessary, but this is dependent on teams’ abilities to identify key areas for improvement and to build business cases.
This report benchmarks respondent firms’ overall reconciliation challenges, priorities, and investment plans over the coming 24 months. It is based on 2015 Aite Group online survey data and phone interviews conducted with operations and technology executives engaged in the oversight of reconciliation processes at various Tier-1 and Tier-2 financial institutions across the globe.
This 32-page Impact Report contains 26 figures. Clients of Aite Group’s Institutional Securities & Investments service can download this report.