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A large global financial institution sought our help to reconcile and perform a remediation analysis within their loan syndication portfolio. Significant unreconciled, unposted transactions were causing customer billing errors, erroneous past dues, income losses and financial reporting errors.Â
We brought in a team of commercial loan accountants to work with agent and member banks to research and remediate the unreconciled, unposted items. In a later phase, we provided a business transformation team with syndication expertise to analyze the problem areas and develop a remediation roadmap to make improvements and prevent future problems.Â
The unreconciled/unposted items—which represented a significant dollar amount—were cleared and posted to the portfolio. We also provided recommendations and requirements for enhanced technology and process changes to support the automation needed to eliminate error-prone manual processes.