Source: Business Control Solutions
Business Control Solutions (AIM: BCT.L), provider of management consultancy services and operational control software to the financial services sector, today announced that its account substantiation solution has been implemented at Deutsche Bank in the UK, Europe, Asia and the Americas. This marks a significant milestone in the global roll-out of BCS Integrity, which - after commencing in July 2008 - is now live at sites in 48 countries, including most of the bank's largest financial centres. The solution will provide increased transparency of account ownership and early identification of high risk balances - further reducing risk.
BCS Integrity has provided the bank with a common platform - with low cost of ownership - that services both finance and operations, to drive ownership, efficiency and transparency. All global account data is stored in a single system, which means that management can quickly identify areas of concern for immediate follow up.
"The longer something is left unresolved, the more likely it is to result in a P&L impact," said Nigel Walder, CEO at BCS. "This level of visibility, due diligence and control is essential to better mitigate risk in today's volatile and complex environment, particularly in light of increased regulator and shareholder scrutiny."
Account substantiation shows the results of reconciliation, ensuring that account balances are complete, accurate and verified. BCS Integrity manages and standardises the reporting of the account substantiation process, enabling the bank to take a consolidated view and identify potential problems across functions, asset classes and regions.
As the central platform for the automated aggregation and reporting of consolidated global data, BCS Integrity facilitates greater efficiencies across departments - speeding up account sign-off operations. The solution has eliminated a number of manual tasks as well as issues caused by disparate regional systems.
Deployments of BCS Integrity in Australia, New Zealand, Japan and Germany are also due to complete in the first half of 2009, bringing the total number of accounts processed by Integrity to 1.25 million.
Integrity provides audit trails over the end to end account sign-off process. The account ownership tools mean there can be no ambiguity over the account status or the person accountable. It provides a controlled route for over 3,000 users, managers and financial directors to highlight concerns and generate accurate reporting. Instant access to balances and P&L exposure enable management to quickly address any high risk issues and make decisions based on timely information.