Driving Operational Efficiencies in the New Normal Through Reconciliation Automation
1:00 – 1:50 p.m.
CPE Field of Study: Finance
The New Normal has changed the way we work and live. It has tested the processes, systems and controls that financial institutions used for years, especially in the back-office. One back-office function that is highly critical but often very manual is reconciliation. Many financial institutions had to conduct their quarter-end close activities, including reconciliation, in a remote setting for the first time. While manual reconciliation processes conducted in an office are already highly susceptible to errors and inefficiencies, these activities in a remote setting can lead to irreversible mistakes and weaken the internal controls structure. This session will address:
- The current market trends in reconciliation.
- Why many financial institutions are digitally transforming their back-office functions with a focus on reconciliation.
- The need for automation “now.”
- How you can generate efficiencies in the short term and plan for future growth by automating reconciliation.
|Clodagh Swennumson, director, product management, digital efficiency, Fiserv, engages with clients across regions and industries to understand and meet their compliance, risk and control needs. She has a strong track record of leading multi-regional teams to create highly profitable product portfolios, growing top line sales and market share, while delighting customers. A native of Dublin, Ireland, she has lived and worked in Europe and the U.S. throughout her career.
|Peter Smith joined the New York City Department of Finance in 2018 as assistant commissioner for citywide payment services and standards (CPSS). Under his leadership, in addition to maintaining a $20B, 24/7/365 online and retail receivables program, CPSS has modernized its payment and accounting infrastructure, expanded availability of mobile payments, improved payment clearance and throughput and re-launched PCI-DSS compliance program citywide. Before joining the Department of Finance, Peter worked for Citibank, American Express, and for a fintech specializing in electronic invoicing and supply-chain finance. He earned his M.B.A. in management and marketing from NYU and a B.A. in English literature from the University of Pennsylvania. A native New Yorker, Peter lives in Brooklyn with his wife and daughter.
|Sarita Campbell is the director of reconciliations at the NYC Department of Finance and is responsible for overseeing the accurate completion and presentation of over 50 bank account reconciliations agencywide. Sarita’s love for numbers, her dedication, and her commitment were evident across her 13-year tenure with Bank of New York, where she became the assistant treasurer and assistant department head of the Reconciliations Department. This enjoyable career path steered her to obtaining a degree in accounting. Sarita is a technically skilled accountant with an analytical mind, forensic attitude, and an aggressive solutions-oriented personality. Sarita has always been very passionate and conscientious about her work and is extremely compassionate toward her teammates, earning her the respect of her colleagues.
Outside of work, Sarita enjoys doing anything with her beautiful family; she likes to experiment in the kitchen, craft and crochet, watch happy and inspirational movies, and loves trying new things with good company.