Top 10 Bank Uses Precisely to Manage Operational Risk

Visibility and On-Demand Reporting Equal an Enterprise in Compliance

A top 10 U.S. commercial bank had implemented Precisely balancing and reconciliation solutions to reconcile 98% of its accounts to the G/L. The bank was able to validate home equity applications, mortgage applications, ATM balances, wholesale banking transactions, and much more. Yet the company struggled to manage operational risk within their enterprise. Back-loaded with open items, management did not have sufficient analytics into their critical transactions in real-time. With no centralized location to store and manage exceptions, distributing data through the company was a manual and laborious process, and managers lacked confidence in their ability to access information on-demand. They knew that upcoming mergers, acquisitions and business growth would cause an exponential increase to transaction tracking and their ability to handle it was growing more and more unstable.

The bank tried managing the situation by utilizing a number of antiquated tools across various lines of business (LOB). While management knew it was critical to tap into each application processing each transaction within each LOB, this was the fundamental issue: disparate tools all trying to get at the same level of detail. The lack of continuity continued with metrics as several lines of business had disparate types of metrics and KPIs that management wanted to track. Microsoft Access databases and Microsoft Excel spreadsheets were used to collect and compare the data. The manual efforts meant a full week to generate a report at the end of each month, which only produced a sampling of the results.

To solve these problems, the bank reached out to Precisely. With balancing and reconciliation tools running across so many parts of the business, analytics seemed like the logical next step. Precisely implemented a reporting engine to help provide the level of visibility the bank was in desperate need of. With automated rules and analytics, the bank was finally able to set up reporting parameters that pleased all LOBs. For instance, management wanted various executives to receive alerts for transactions that were $1M or more. This automated process helped financial managers not only view the critical data, but trust it as well.

The organization is now connected with information in areas like GL/Finance, accounts reconciliation, processed checks, Hogan Systems, lockbox, ACH, wires, returns and ATM, among others. They have utilized the expertise of the lines of business contacts to write the rules for the integrated Precisely solutions, to reduce costs and maximize effectiveness to manage operational risk.

Read more about the benefits and results this top 10 US commercial bank gained by using Precisely products to manage operational risk.