Jefferies & Company, the New York-based investment bank and institutional securities firm, has selected Accurate Software's Operational Risk Management system to improve the automation of its reconciliation and exception management processes across its international offices.
Jefferies says it is deploying Accurate NXG with the aim of increasing operational efficiency, reducing exposure to risk and meeting industry regulations such as Sarbanes-Oxley and Basel II.
The firm is using the software to automate the processing of its cash and securities reconciliations and reduce risk exposure. The company has two main trading offices in New York and London, and wants to consolidate its existing regional systems to create one global reconciliation platform at its operations centre in New Jersey.
The first phase of implementation will focus on improving automation of processes at the New Jersey office, in particular the reconciliation of books and records with statements from Jefferies' custodian bank. The second phase will involve automating the reconciliation of suspense accounts and Euroclear cash statements and positions.
Alfred R. Petrillo, senior vice president, Jefferies & Company, says: "We believe Accurate NXG will be a valuable asset over and above helping us to comply with industry regulations. The expected efficiency gains will significantly impact our work practices and ultimately improve processing efficiency."