Accurate automates transaction management for global investment bank
Accurate Software today announced that Jefferies & Company Inc, a leading
investment bank and institutional securities firm, has selected Accurate's
Operational Risk Management solution to improve the automation of its
reconciliation and exception management processes across its international
offices. Jefferies will deploy Accurate NXG to increase operational
efficiency, reduce exposure to risk and meet industry regulations such as
Sarbanes-Oxley and Basel II.
Jefferies required a robust transaction management solution to automate the
processing of its cash and securities reconciliations and reduce the
associated exposure to risk. With two main trading offices in New York, USA
and London, UK, Jefferies sought to consolidate its existing regional
systems to create one global reconciliation platform located at its
operations centre in New Jersey, USA. Using Accurate NXG will improve
consistency of operations by introducing best practice across the company to
further enhance efficiency and support compliance efforts.
Jefferies selected Accurate because of its consultative partner approach,
its ability to support organisations trading over international borders and
the strength of Accurate's Operational Risk Management solution. Accurate
NXG is built on the four core competencies of reconciliation, exception
management, workflow, and business intelligence. The first phase of
implementation will focus on improving automation of processes at the New
Jersey office, in particular the reconciliation of books and records with
statements from its custodian bank. The second phase will involve
automating the reconciliation of suspense accounts and Euroclear cash
statements and positions.
Jefferies & Company Inc. is the principal operating subsidiary of Jefferies
Group Inc. (NYSE: JEF), a New York Stock Exchange listed company that is
required to comply with the corporate governance guidelines of
Sarbanes-Oxley. Accurate NXG will enable Jefferies to more efficiently
demonstrate to internal and external auditors that senior management are
effectively managing its financial transaction processes, a key requirement
of the act.
Alfred R. Petrillo, Senior Vice President, Jefferies & Company Inc, says:
"The depth of functionality within Accurate NXG more than answers our
immediate business need to automate our reconciliation and exception
management processes. We believe Accurate NXG will be a valuable asset over
and above helping us to comply with industry regulations. The expected
efficiency gains will significantly impact our work practices and ultimately
improve processing efficiency."
Gary Gibbs, Executive Vice President North America, Accurate Software, says:
"Industry regulations such as Sarbanes-Oxley have accelerated the move to
transaction automation to reduce manual processes and mitigate risk.
Accurate will work closely with Jefferies to streamline business processes,
improve operational efficiency and enhance Jefferies' ability to demonstrate
compliance with applicable regulations."