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Bringing Corporate Reconciliation into the 21st Century: Leveraging Technology to Automate Reconciliation Management

Date: February 12, 2009

Time: 12:00 pm US Eastern

All dates and times are NY local time, please consult your favorite world clock to determine when this webinar takes place in your time zone.

Featured Speakers:

Ronan Bradley, Principal, Lustratus Research (bio)
Gary Schwartzberg, Vice-president, Pre-Sales Senior Solutions Consultant, Smartstream Technologies, Inc. (bio)


Ronan Bradley

Sponsored By:

Smartstream Technologies, Inc.

Unlike so many corporate finance activities, reconciliation remains a labor intensive and highly complex activity: expensive, slow and error prone. Today many corporations attempt this complex task supported by a mix of excel spreadsheets, data manually extracted from multiple finance systems and hard work. However, mature solutions to this problem are emerging which combine automated reconciliation based on business rules and workflows to handle exceptions.

Since the introduction of Sarbanes-Oxley, the time to close the books and announce the results of public companies in the US has actually gone up by days while the time to get the audited accounts signed off has actually increased by weeks with the twin demands for accuracy and transparency. The same delays in availability of accounts also impacts on operational risk as management must operate using information which is out of date and unchecked.

Reconciliation is one of the remaining ice-bergs in the accounting process – from the outside it may seem simple but is in fact difficult and complex: Consider the challenge of reconciling multiple related transactions across multiple accounts and corporate entities. However, this does not mean that it cannot be significantly optimised and hence cost and delay removed. The right solution must help standardize reconciliation processes across the enterprise while providing flexibility for business unit or geographic differences. Specifically, they require a combination of best of breed reconciliation tools, best practices learned through work with global corporations, and an enterprise-quality platform capable of scaling to thousands of users.

The webinar will:

  • Explore the business and regulatory challenges associated with current approaches to reconciliation
  • Explains the business and cost benefits accruing from the automation of the reconciliation process.
  • Outline the technical requirements of any solution including an advanced matching engine to improve match rates and consolidate business processes, customizable and real-time monitoring/dashboard reporting, and business process management (BPM) to bring Enterprise Exception Management concepts to Corporate Finance reconciliations.
  • Outline SmartStream’s concept of Reconciliation Management and how it brings best practices to solve the challenges of reconciliation.
  • Highlight the benefits of TLM proven in major US corporations.

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Featured Speaker Bios:

Financial services expert Ronan Bradley is ebizQ's Community Manager for Banking and Capital Markets.

As Community Manager, Bradley will blog and podcast on the latest news and breakthroughs relevant to the financial services industry. He will also publish press releases, cover briefings, write feature articles and source content from other analysts, industry associations and vendors for publication on ebizQ. Each week, Bradley will compile the most important news and views in an e-mail newsletter for ebizQ's ever-growing financial services community. Bradley has spent over 17 years in the software industry and has held senior management positions in a number of international software vendors with strong emphasis on the financial services sector. As Vice President for Product Management at IONA Technologies, he was responsible for products generating over $100 million of revenue. Bradley also founded PolarLake, which has grown into a leading Enterprise Service Bus (ESB) vendor.

Currently, Bradley is a co-founder and analyst with Lustratus Research, a market analyst and consultancy firm focused on software infrastructure. He is also principal of The IT Perspective, a specialist IT advisory firm working to help clients align their IT and business agendas. As a recognized expert on business integration software and its uses in financial services, Bradley has spoken at many events worldwide and has been quoted in publications such as The Financial Times, Banking Technology, and Computer Business Review. He also lectures at The Dublin Institute of Technology.

Gary Schwartzberg has worked for Smartstream for more than 3 years as a Vice-president, Pre-Sales Senior Solutions Consultant. Gary has over 20 years experience consulting, working with multinationals primarily in the Financial Services and Tele-communications Industries. His expertise is business/systems analysis and re-design for large-scale Corporate clients. He has over 13 years experience in Financial Services Industry, focusing primarily on Middle and Back Office Process improvements. Prior to working for SmartStream he had his own consulting firm and worked for technology services giant Electronic Data Systems (EDS). His client engagements included AT&T, DTCC, Deutsche Bank Securities, Pershing Securities, Bank of NY Securities, and Essex National Securities. He has a Bachelor of Computer Science from University of Albany and a MBA in Strategic Management from Rutgers University.

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