One of the greatest control challenges in the Financial Service industry today stems from a lack of proper operational accounting records. Operational and administration systems designed to execute a trade, calculate a premium or process a loan may do that core job well, but often they fail to create operational accounting records to correctly account for that activity and the positions and exposures that it can generate.
This lack of proper accounting records can lead to an undue burden being placed on a firm’s reconciliation function to deliver risk-monitoring, informal accounting, governance, compliance and control.
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