Achieve a Golden Source for your Financial Controls Data

Don’t Wreck Your Recs
Achieve a Golden Source for your Financial Controls Data
“
AutoRek is more than a
reconciliation tool. It provides
the perfect Golden Source for
all of your financial control data.
”
Achieve a Golden Source for your Financial Controls Data
About AutoRek
AutoRek is a leading provider of financial controls and regulatory
reporting software solutions.
We help firms to know their data, understand their data, and be able
to report completely and accurately on their data.
RECONCILIATIONS
Powerful solution delivering
advanced matching, workflow,
case management and MI
capabilities
We offer four core products, which can operate seamlessly together
or on a standalone basis, including:
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Award-winning automated reconciliations solutions
High performance cash applications
Data migration
Account attestation
Regulatory compliance products
ACCOUNT ATTESTATION
This presentation features our market-leading automated
reconciliations solution - AutoRek®.
Delivering transparency and
accountability to your account
ownership.
AEOI & TRANSACTION
REPORTING
Client management tool providing
compliance for account opening,
AML as well as FATCA and
Common Reporting Standards
(CRS)
ORDER TO CASH / CASH
APPLICATION
Automated cash allocations and
suppliers’ statement reconciliation.
Achieve a Golden Source for your Financial Controls Data
AutoRek Reconciliations
Implemented across many of the world’s largest corporations,
AutoRek comes complete with:
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Easy-to-use data loading and preparation functionality
Advanced matching capability
Workflow
Case management
Management information (MI)
RECONCILIATIONS
Powerful solution delivering
advanced matching, workflow,
case management and MI
capabilities
Our range of reconciliation deployments vary from sophisticated
intercompany reconciliations to high volume bank reconciliations, and
calculating and reconciling daily client money requirements.
A frequent business case for AutoRek is to improve compliance,
governance and transparency, and reduce the financial and
operational burden of regulation.
Typical AutoRek implementations are dramatically shorter than similar
systems and businesses can realise the benefits of their investment
within weeks rather than months or even years.
Achieve a Golden Source for your Financial Controls Data
Some AutoRek Clients
We work with our customers’ existing systems to help complete and
perfect their financial and operational control regimes.
Achieve a Golden Source for your Financial Controls Data
Don’t Wreck your Recs:
9 Common Pitfalls
Reconciliations form the foundation of a tightly controlled finance or
operations department in any organisation. Transparent, up-to-date
and accurate financial data is not just essential for regulators or
auditors but it is increasingly an important tool for the executive
branch to shape corporate strategy.
However, the process for doing so is often far from perfect. This can
be difficult due to a whole host of reasons.
Building an automated reconciliation framework can be an
expensive, complex and time consuming process, tying up crucial
business and IT resources with often the wrong result being
delivered.
Achieve a Golden Source for your Financial Controls Data
Don’t Wreck your Recs:
AutoRek’s Solution
At its core, AutoRek offers a unique solution that is tailored to the
business, which is easy to use and can be deployed within a short
space of time. The system has been designed to be self-configured
to your needs and does not require any programming skills. Once
in place, you can re-use AutoRek’s functionality to maintain existing
reconciliations and build new ones.
AutoRek can solve your manual reconciliation challenges by
providing:
Achieve a Golden Source for your Financial Controls Data
AutoRek – A Golden
Source of Data
AutoRek is more than a reconciliation tool. It provides the
perfect Golden Source for all of your financial control data.
The system imports of all of your data in any source, explodes or
disaggregates the data to the lowest granular level and enriches the
records through look-up tables. All of the processed records are
then fed into an account structure allowing you to view your data at
balance or transaction level. The user defined match rules are then
applied producing matches and exceptions to be investigated.
AutoRek’s exception management process will highlight any
process flaws and pinpoint the cause of the issue allowing both
business and IT groups to remedy the problem. Simple, powerful
and user defined dashboards can be configured to manage
exceptions on a case by case basis, provide management oversight
at balance or transaction level and displays system KPIs to monitor
the health of the business rules.
The following 6 slides will take you through this process.
Achieve a Golden Source for your Financial Controls Data
AutoRek is an extremely powerful tool that can import any data
format.
This ranges from the common CSV or Excel files to SWIFT
messages, paper or PDF files and can even be directly connected
to other databases. We can also plumb in your Outlook server to
receive data files sent via email.
Our AutoRek consultants have extensive experience of setting up
data imports and will assist you in this process.
Achieve a Golden Source for your Financial Controls Data
We usually advise our clients to reconcile their data at the most granular level
possible. By disaggregating the data the reconciliation process becomes easier
and, more importantly, the correct identification of exceptions for remediation is
more detailed.
Achieve a Golden Source for your Financial Controls Data
Data enrichment is not only crucial for reconciliation purposes but is also a valuable
tool to create a golden data source.
Data Enrichment possibilities may include:
• Foreign Exchange (FX) rates, including revaluations
• Econometrics
• Client Static Data
• Product Data
• Risk Ratings
• Market Data (MDM)
CLIENT STATIC
DATA
FX RATES
Achieve a Golden Source for your Financial Controls Data
The account structure used in AutoRek is based on the user’s
requirements. The system requires that any of the one-to-one, oneto-many or many-to-many match rules are applied by using the ‘we’
and ‘they’ account format in its’ simplest form—any one sided match
rules can be used with just one account.
Achieve a Golden Source for your Financial Controls Data
 AutoRek’s easy to use business rules wizard allows user to
determine their own matching criteria based on their own
requirements.
 Matching can be one-to-one, one-to-many or many-to-many.
 Multiple match rules are applied to the data pool sequentially
based on the end users prioritisation.
 The system groups the data records and once automated
matching has been completed, users are able to perform manual
matching using AutoRek’s unique ‘suggested match’
functionality.
 Post matching residual breaks can be categorised using labels,
e.g. known differences such as timing errors can be labelled as
‘timing’ allowing for greater operational efficiencies
Achieve a Golden Source for your Financial Controls Data
AutoRek provides an intelligent exception management workflow that is self-configurable based on the user’s
needs. This process allows users to assign breaks to a person or a team to resolve, assess the impact and analyse
the outcome of the break, as well as prioritising the investigation and resolution of the break.
As a secondary step, AutoRek is also capable of auto-posting accounting entries to your ERP system. An example
of this would include match tolerance differences requiring write offs.
As mentioned overleaf, the automated break labelling process can also trigger workflows that can complement your
organisations own operational target operating model. Continuous labelling will highlight any recurring upstream
data issues at source and assists you in building a case for the problem to be rectified.
Achieve a Golden Source for your Financial Controls Data
Why AutoRek
Achieve a Golden Source for your Financial Controls Data
Benefits of using AutoRek
• Improving staff productivity, resource planning and management
• A change of emphasis to focus on underlying data and processes
 Improving compliance with regulation
 Reducing financial and operational burden of
regulation
 Reducing production costs of management
information and the reliance on IT to cut data
and produce reports
 Faster error detection, default detection and
recovery speeds
 Creating capacity for increasing business
volumes
 Improving speed and quality of management
information
 Demonstrating and monitoring stronger
financial controls
 Improved visibility of adherence to service
level agreements
Achieve a Golden Source for your Financial Controls Data
Benefits of using AutoRek
• Improving staff productivity, resource planning and management
• A change of emphasis to focus on underlying data and processes
In the immediate period post implementation,
many clients experience a doubling of
capacity to handle volumes of transactions
and exceptions.
With additional process re-engineering,
changes to data capture and other initiatives,
that capacity can be doubled again.
Achieve a Golden Source for your Financial Controls Data
[email protected]
+44 (0)845 603 3613
www.autorek.com/demo
Achieve a Golden Source for your Financial Controls Data