What would you say are the market conditions that are changing Recs?
You know, from my point of view, in terms of what's happening, the most exciting thing is RPA
We're working with our vendor on a proof of concept of employing RPA
to get rid of some of the manual processing. Other than that, we're just
looking to refine our processes. We've been able to cut down on Rec time in the
last couple years and we continue to aim to do that. So we're looking at cutting another 10% this year.
There was a similar question that came up during one of the panels about
how do you define processes while you are looking for new technologies, and how do you resolve then?
Well, I gave two examples in my panel of things that we've done.
One was just talking to other people. So we
heard that people are ingesting Swift messages and so one of the things we did
was we sort of copied them, and took a MT300 messages and loaded them
directly into our portfolio management system and, therefore, don't have to
manually type those in. That saved a huge amount of time. Then last year, I went
through and basically created some queries so our recon system in the last
couple of years has changed from just looking at each individual cache line to
queries based. That way you can avoid looking at a lot of accounts
during the day. In terms of this year the goal is we created a working group
of subject matter experts and hope that the actual end users of the
reconciliation tool can tell me what to do to make it better.
How are firms reacting to an onslaught of new technologies being applied to Recs?
Well, I may have to plead a little ignorant on that one. We've been
using the same reconciliation vendor for over 12 years and we've worked with them
and they've become a bit of a business partner. So I haven't actually gone out
into the market and seen what's out there.
Although, at this conference I've talked to a couple vendors who are doing that with
some new exciting stuff. So I think that's my homework for 2018.
Lastly, when do you foresee a new technology landscape for for Recs?
Well, I think that's part of the homework 2018 to see what people are doing. RPA, again, is
the one thing that I think for us will shave a lot of time off and there are
some very easy simple manual processes that I think we can get a robot.
As long as I convince my portfolio accountants that their jobs are not at risk
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