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.
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.
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.
