AutoRek, the financial data management expert, has today issued a strong warning to financial institutions that it will be imperative to rethink current processes in light of the recent proposals outlining client money changes.
Now that the FSA has closed its consultation period on Client Assets (CASS), asset managers, banks and insurance The creation of sub-pools and more frequent CASS calculations will require firms to frequently align balances with details that are stored in administration systems so that positions can be calculated on a daily basis.
Many firms will therefore be forced to examine their current processes and adopt new systems to improve financial data management. To achieve better controls, businesses will need to develop deployment methodologies that identify how they can move away from time-consuming, manual processes towards automated systems that enable the firm to complete more frequent reconciliations and meet client money regulations.
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