The global Capital Markets division of a bank decided it would be better served to consolidate the various reconciliation processes undertaken by staff around the world. A 2-year project was established to define the functions of a new shared service center, the staffing requirements, and the end-to-end processes required to manage reconciliations 24 hours a day in order to support overseas departments.
Processes in the UK, USA, Canada and Hong Kong were evaluated and adjusted to extricate the important reconciliation steps and then transitioned to Toronto, Canada
New Shared Service Center established on time and on budget
Repeatable transition processes and templates established to develop another shared service center for future projects
The shared service center was established successfully and the global transition of reconciliation processes went smoothly without incident.