Customer
Top 5 international bank
Situation
The number of times that the monthly GL reconciliation had threatened to miss the allotted deadline had recently increased and management was very concerned that a missed deadline would actually occur.
Customer
Problem The customer in question had to achieve GL Reconciliation by day 8 of the month. This meant that all the GL feeds for the various regions around the world had to be reconciled and then sent to center for consolidation, reconciliation and production. Given that this top five international bank had grown through a number of acquisitions, there were multiple GL applications to be reconciled as well as the different regions. This process was manually intensive and any omissions that went undetected could have a serious impact on the GL reconciliation deadline.
Solution
The customer selected Knowledge Genes® to define the GL Reconciliation process and then link the Knowledge Genes® process to the GL application to monitor certain conditions and produce alerts if a condition was met. For example, if by day 5 of the month there were still regional GL submissions that were outstanding then Knowledge Genes® would issue an ‘amber’ alert to the various interested parties informing them of the situation and prompting corrective action.
Primary
Users Global Operations.
Results
and Returns Alerting & dashboard enabled management to ensure that month-end data from all systems and all regions was included in the centralized GL reconciliation by day 8 of each month.
Management is now immediately alerted to any issues that could threaten the deadline and they can quickly understand the source of the problem in the context of WHAT is being done, HOW it is being done and WHY it is important.