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Streamlining Reconciliation Operations for a Global Investment Bank

Streamlining Reconciliation Operations for a Global Investment Bank

Business Need

Client wanted to strengthen its competitive position by outsourcing Reconciliation Operations to India for lower cost of operations and improved operational efficiency.

HCL Solution

HCL transitioned the reconciliation processes for the client using its ARMOR transition methodology. HCL team prepared detailed process maps and the detailed process analysis documents across Europe, APAC, US and UK. HCL Transitioned 10 processes across different geographies.

Subsequently cross training was done across the portfolios and processes to build competency. Cross department training was done across downstream processes to improve allocations and also to have a better understanding of their process. Competency grid was created to improve the individual's and the overall group's competence in all activities of reconciliation and control administration.

Automation of manual inputs was done to reduce the cycle time and manual intervention was made minimal which enabled users to perform daily reconciliation. Automation of the EOD checklist resulted in improved quality checks and error tracking process more efficient.

HCL provided following services to the client:

  • Nostro & Depot Reconciliations
  • SSR control & Administration
  • Front Office and Back Office reconciliations
  • Regulatory confirms
  • Investigations & Reviews in different product lines like debt, OTC derivatives, exchange traded derivatives, and FX/ MM

Business Benefits

  • Improved nostro 'auto-match' rates from 82% when first outsourced, to 88%
  • 75% Drop in Average Daily Unallocated breaks
  • Reduction in outstanding fund reconciliation breaks achieved by the OTC Derivatives team – Achieved Zero Outstanding Breaks
  • 33% increase in volumes processed with the same number of FTEs

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