MONOCLE INSIGHT

Automated Traded Product Accounting

Stories>Automated Traded Product Accounting

Banks with subsidiaries in numerous countries often face the challenge of standardisation of processes across their subsidiaries, which can cause significant difficulties when it comes to the accounting of traded products at a group level. The ability for an organisation to accurately capture and record these transactions in line with the appropriate accounting standards can be compromised by systems and processes that are not standardised, lack data integrity and security, and that are not accompanied by the necessary documentation and technical support, and therefore, do not ensure full auditability.

In such a case, Monocle has the capability to completely re-platform the accounting tools that are in place for these traded products. For the design and build of such a specialised system, Monocle has the deep technical knowledge in the business accounting processes required, as well as the system engineering expertise to integrate these complex accounting rules into a robust system that can accommodate the accounting for traded products across different regions with a centralised IT support function.

Ensuring there is no business interruption, the benefits of such a project include enhanced data integrity and security, the ability for users to achieve a suitable audit trail of changes and approvals, historical records that are both more detailed and safely stored for audit purposes, as well as enhanced error handling and audit protocols, involving the automated identification of breaks downstream for reconciliation purposes.