Reconiciliation Tools for Exception Management

Key Benefits

  • Get aggregated view on all exceptions
  • Drill-down into individual outstanding transactions
  • Manage risk by tracking days outstanding
  • Optimize exception resolution by configuring aging reports and notifications
  • Analyze and manage exceptions based on their aging or monetary value

 

Overview: Exceptions management is a critical part of the reconciliation process. ReconArt supports this important capability in a transparent and easy-to-use manner that allows issues to be recognized and resolved quickly. The solution provides a means to organize the outstanding transactions (exceptions) based on their origin or impact. Items can be addressed as single exceptions (exceptions management) or managed as groups of similar type transactions (case management). Management capabilities allow for tracking the full life-cycle of exceptions – from origination to research and resolution to completion and closure. Exception categories and the associated criteria for aging, tolerance, and overdue are fully configurable by the business user. The system provides a repository for all exceptions-related communications, documents or notes in a single organized location.

Purpose: The goal of exception management as a reconciliation matching tool in ReconArt is to provide an aggregated view of all exceptions by category, giving the business user the ability to better manage the risk. The interest in these items might stem from the issues based on their total amount, aging or other risk factors. At the same time, the system provides the ability to drill into all categories and down to individual transactions to research and resolve the exceptions. This way the time necessary for exceptions resolution is optimized and all exceptions are well-controlled.

Compliance: Usage of exception management helps achieve compliance with company policies for outstanding items resolution time as well as common best practices.

Challenges:

  • Different business areas require different categories of exceptions and different criteria for aging and risk.
  • Some exceptions can be managed individually while other have to be managed in groups based on their type or other criteria.
  • All information related to exceptions has to be organized in a convenient, audit-able and easily searchable way.
  • Different business users are responsible for the research and resolution of different exception categories. Often this work is distributed across teams, locations or time zones.

 

The Solution:

  • ReconArt supports user-defined exception categories and subcategories. These are easily managed by a business admin user with the appropriate access privileges.ReconArt provides both simple workflow (Exceptions management) and extended workflow (Cases management) for managing exceptions either individually or in groups. The extended workflow provides multiple stages in the research process and ability to transfer cases between different departments.
  • All information pertaining to exception management is at the fingertips of both reconcilers and managers – and even auditors or third party vendors if needed. Access rights, visual dashboards and reports, convenient search and filter functions, and email notifications all contribute to the convenience and transparency of the process.
  • Different business users can be defined as responsible for different exception categories. This way the responsibility for research and resolution is clearly defined. Conversely, users do not have access to exception items placed in categories for which they are not responsible.

solutions-arr-cycle

 

Want more information on Matching Tools for Exception Management from ReconArt? Don’t hesitate to contact us today.

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