Accurate Software says National Bank Financial, a Canadian investment bank, and its subsidiary NBCN Clearing, a provider of third party clearing and brokerage services, have selected Accurate’s Operational Risk Management solution to extend the automation of back-office operations.
National Bank Financial will deploy the entire Accurate NXG solution suite. It includes reconciliation, exception management, workflow and business intelligence.
Accurate says that National Bank Financial required a flexible transaction processing solution capable of reconciling multiple financial instrument types including cash, securities, futures, foreign exchange trades and internal accounts. National Bank Financial will implement the advanced workflow capability of Accurate NXG to automate the management of its exceptions and use the business intelligence ‘Dashboard’ to improve management reporting and risk analysis.
The implementation will migrate five distinct reconciliation systems to Accurate NXG. By creating a consolidated view of company financials and increasing business process automation, National Bank Financial expects to improve efficiency and reduce duplication of effort across the company.
The business intelligence ‘Dashboard’ within Accurate NXG, will provide managers with detailed reports, analysis and key performance metrics, making risks tangible and quantifiable. Furthermore, with Accurate NXG Dashboard, National Bank Financial can monitor, aggregate and analyse transaction flows, associated exceptions and potential risks, to deliver more effective financial control.
National Bank Financial is a wholly owned subsidiary of National Bank of Canada, the sixth largest chartered bank in Canada. Together with NBCN Clearing it administers over one million accounts. Accurate NXG provides National Bank Financial with a consolidated view of its operations and a single control framework for transaction management.
“The National Bank of Canada’s Operational Risk Management Group has identified that all subsidiaries need to continue to develop and refine standards and tools to identify, measure, monitor, control and document operational risks. NBCN Clearing has further identified risk management as a primary objective for 2004/2005. We are well positioned to meet these directives with support from Accurate Software,” says Yvan Naud, CEO, NBCN.
“The proven workflow management capability of Accurate NXG was a major reason for selecting the solution, as well as the consultative partner approach of Accurate. Accurate NXG will enable us to consolidate our reconciliations process and migrate to a single platform. The increased efficiencies delivered by Accurate NXG will have a positive impact on overheads and our exposure to risk, and the Dashboard will support our requirement to deliver more effective financial control.”
Gary Gibbs, Executive Vice President North America, Accurate Software says: “Accurate NXG provides National Bank Financial with a complete operational risk framework to increase the quality and efficiency of its back-office operations. System consolidation and expert workflow automation bring many operational benefits, as well as creating opportunities for National Bank Financial to offer new services to its correspondent bank customers. As we continue to grow our North American operation, National Bank Financial is an important addition to our client portfolio.”