Situation:

IT Manager, Wholesale Banking was given the task of developing a mechanism to enable the reconciliation of the P&L and General Ledger more frequently and more efficiently than the current system would allow.

Critical Business Issues:

• Unable to reconcile the P&L Ledger and the General Ledger on a departmental basis as full reconciliation could only be done once a month.
• Unable to track mismatches to resolution in all cases.
• Needed to reduce headcount and maintenance requirement in the Middle Office.
• In-house application could not be implemented, as resources were not available.

Reasons:

• The Middle Office consisted of uniquely customised Excel spreadsheets that were difficult to consolidate for full reconciliation.
• Manual processes were labour intensive requiring the permanent presence of business support staff.
• Unable to develop application in-house as internal IT resources were tied up on long term strategic development programs.

Capabilities Needed:

A team to develop a centralised P&L / General Ledger reconciliation application.

Code Red Provided:

A team-based solution with resources skilled in designing and implementing an in-house application.

Results:

The application was delivered on time, within budget and to specification without impacting internal strategic projects. The Bank is now able to reconcile the P&L and General Ledger daily. All required mismatches can now be tracked to resolution. The new system does not require a permanent maintenance presence releasing resources to be deployed elsewhere.

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