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| Contract Review and Management |
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Contract Review and Management
Challenges
- Operational, market and CP risk present if data in systems do not reflect the correct values as per the original documents
- Limited resources to capture all the key parameters and reconcile them with systems
- Error prone manual process coupled with inadequate controls
Solution
- Create an electronic, usable record of documents using a dual keystroke approach and review it against client systems
- Conduct an independent audit of all database entries and ensure that identified key fields in documents are accurately reflected in their database
- Data capture forms created based on ISDA rules, reconciliation weighted by fields for optimal output
- Rules built in the tool to incorporate credit events and corporate actions and facilitate adjustment in weighting
- Verify identified breaks against business rules agreed with process stakeholders prior to escalation
- Publish reports and metrics to facilitate resolution of breaks through web based dashboard
Benefits
- Reviewed ~500,000 documents through dual-data capture methodology and reconciliation tools and substantially reduced P&L and collateral risks
- Achieved 99.5%+ accuracy in capturing data from structured documents using customizable data capture forms with up to 150+ fields
- Reduced resolution turnaround time by 75% by documenting business rules to assess repetitive breaks and discrepancies
- Mitigate economic risk from portfolios thus creating systemic stability
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