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Automating Data Reconciliation and Enhancing IT Infrastructure for a Financial Services Company

Focus Areas

Automation

IT Infrastructure

Digital Transformation

Business Problem

A fund administration company was struggling to manage data across its platforms. It used manual processes to reconcile data from multiple sources, but this brought in inconsistencies in reporting and increased the risk of errors. Frequent errors and unreliable reports were making clients lose confidence in the firm.

Key challenges:

Reconciling Data: The manual process of reconciling data led to frequent discrepancies, increased the possibility of errors, impacted the accuracy of financial reports, and ultimately delayed the delivery of fund performance data.
Operational Risks: The manual processes introduced operational risks such as data and compliance errors. Without automated checks and controls, these could go undetected, leading to regulatory fines and reduced client trust.
Scaling Processes: The existing manual processes resulted in obstructions and delays and could not scale efficiently with the growth of the firm. This was especially a challenge during peak reporting periods.

The Approach

Curate’s consultants designed a solution that would focus on automating reconciliation and improving data accuracy and the IT infrastructure. To do this, an automated reconciliation engine was developed to match data across multiple sources, and automated checks and controls were implemented to minimize operational risks and ensure compliance. Our IT experts also worked with the firm’s internal team to enhance their database and IT infrastructure.

Key components of the solution:

Discovery and Requirements Gathering: Through workshops, system audits, and close collaboration with the internal It, operation, and risk management teams, our consultants assessed the existing data reconciliation workflows and identified the following key goals:
- Minimize manual intervention and risk of errors by automating the data reconciliation process.
- Enhance the scalability of the database and IT infrastructure.
- Improve report accuracy and workflows with new end-user features and tools.
- Reduce operational risks with automated checks and enhanced reporting capabilities.
Implementation of Automated Data Reconciliation : Our team developed and implemented a solution that’d automatically match data across multiple platforms while seamlessly integrating with the firm’s existing fund administration platform.
- Automated Reconciliation Engine: The engine was implemented to eliminate manual data reconciliation. This automatically matched data across different platforms and substantially reduced the risk of errors.
- Data Validation and Exceptions: Automated data validation checks were incorporated to ensure only accurate and complete data was reconciled. Exceptions and discrepancies were automatically flagged for review to the operations team.
- Improved decision making: The new process reconciled data in real time, allowing the firm to generate accurate and up-to-date reports quickly for internal teams and external clients to make better decisions.
Infrastructure and Database Optimization: Our experts enhanced the firm’s IT systems to make sure it continued to be scalable and reliable.
- Scalability: The database was restructured to improve data retrieval speeds, and optimized to make sure that it could handle large volumes of data swiftly without decreasing performance. This new infrastructure was designed to scale with the firm’s growth so that new funds could be added efficiently, without compromising performance.
- End User Tools and Features: The new features, integrated into the existing platform, would allow staff to easily access real time data, generate reports, and track conciliation progress.
Integration of Risk Management and Compliance: Our consultants introduced safeguards to minimize operations risks and ensure compliance.
Automated risk controls and reporting: Controls were built into the new system to surveil data accuracy and automatically generate compliance reports in real time, ensuring alignment with relevant regulations.
Stakeholder Engagement and Change Management: Curate’s consultants worked closely with the firm’s internal teams, external vendors, and stakeholders to ensure successful implementation of the new systems.
- System Optimization: Regular feedback sessions were held with the internal teams to refine the solutions and ensure a smooth transition. Our consultants also coordinated with the firm’s existing technology vendors to integrate the automated reconciliation engine with the fund administration platform.
- Change Management and Training: Change management workshops and training were conducted to help the staff adapt to the new workflows and automated processes.

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Business Outcomes

Improved Accuracy

The automated reconciliation process and checks reduced errors by 85%.

Faster Reporting

The firm could now meet reporting deadlines, even during periods of high demand, since reconciliation and report generation time reduced by 60%.

Reduced Risks

The firm was able to minimize potential compliance issues, data inaccuracies, and regulatory penalties with automated risk controls.

Enhanced Scalability

The new infrastructure and automated system allowed the firm to scale its operations without compromising on performance.

Sample KPIs

Here’s a quick summary of the kinds of KPI’s and goals teams were working towards**:

Metric	Before	After	Improvement
Data reconciliation errors	20 errors/month	3 errors/month	85% reduction
Time to reconcile data	10 hours/fund	4 hours/fund	60% reduction
Reporting turnaround time	5 days	2 days	60% reduction
Operational risk incidents	8 incidents/year	2 incidents/year	75% reduction
Scalability (funds managed)	Limited	Unlimited (scalable)	100% improvement

**Disclaimer: The set of KPI’s are for illustration only and do not reference any specific client data or actual results – they have been modified and anonymized to protect confidentiality and avoid disclosing client data.

Customer Value

Better Client Satisfaction

The improvements in data accuracy and reporting transparency led to higher levels of client satisfaction.

Conclusion

Curate’s expertise in delivering tailored automation and IT infrastructure solutions helped the firm successfully reduce errors in their data and generate reliable, timely reports. This minimized the firm’s exposure to regulatory penalties and helped them win their clients’ trust. The firm could now add more funds to its portfolio efficiently without compromising client service quality.

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