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The #1 Regulatory Reporting Challenge That’s Slowing You Down


To do your job well, you need access to the right information at the right time. Unfortunately, that’s not always an easy task.But it can be. By designing effective dashboards you can view what matters most, so you’re able to make faster, smarter decisions.

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If your organization is spending too much time and resources collecting and reconciling data, and not enough time assessing information, optimizing operations and mitigating risk—you’re not alone. 

In fact, most companies today confess their reconciliation process is a very time consuming, manual process. Gaining notoriety as one of the riskiest end-user applications used by business professionals, the spreadsheet along with silos of disparate data is doing more than just slowing you down. 

Daily headlines have many questioning the quality of data financial institutions use in the reports they file with the regulatory authorities in addition to the manner in which they do it. Facing these challenges and more, financial institutions continue to produce core regulatory reports manually, putting them at greater risk. 

Gartner research found that “many firms’ reconciliation processes are mainly manual (with no enterprise technology solution)” and cited several critical challenges that come with manual reconciliation management.

It’s time to rethink reconciliations in 2016

In recent years, The Association of Certified Fraud Examiner’s Report to the Nation ranked account reconciliation as a top five occupational fraud detection tool. One of management’s best defenses against financial statement misstatement and fraud, ensuring reconciliation accuracy and integrity is vital to maintaining confidence within financial statements. 

Additionally, today’s reconciliation solutions include versatile, powerful and multifaceted technologies that quickly enable reconciliation for many types of global assets, currency or financial institution. Automating the reconciliation function can also flag and resolve exceptions based on customized business rules, improving the ability to identify and minimize risk exposures while responding rapidly and cost-effectively with sensitivity for local market regulations and business-models.

Moving away from manual reconciliation processes can address a high priority of many financial services firms: providing automated and centralized risk management across reconciliation processes enterprise-wide to help diverse financial firms identify, evaluate and remedy common and costly exception patterns in real time. 

Finally, with the Federal Reserve Board finalizing the liquidity requirements for US financial institutions and the US operations of foreign banks last month, their aim to improve the view of liquidity across institutions by mandating specific reporting procedures will take effect this week. As 2016 progresses, the reporting requirement will become more and more granular in nature, with the final format in place by 2017. Given the FRB’s rising bar on data accuracy, firms should consider strategic solutions that can improve their data reconciliation. This includes overhauling data infrastructure, enhancing data and upgrading analytics capabilities.

Automated Reconciliation: The gift that keeps on giving

With a laundry list of benefits, it’s time to kick off the New Year with significant process improvements finance executives can seize. Account reconciliation automation removes the challenges associated with traditional reconciliation management so that your finance team can remove administrative distractions and focus more on work that matters.

At DIO-soft our knowledgeable team has been helping some of Wall Street’s most recognized financial institutions address reconciliation challenges and more while dramatically reducing time and money. Contact us today to start your New Year off in the right direction.