âThe introduction of this functionality creates a brand new approach to asset reconciliation between disparate systemsâ says director and founder Duncan Wheatley. âIt is logical to insist that a reconciliation between internal and external accounting systems holding different views of your funds and portfolios is handled by a system that speaks their language and is also an accounting system. This is what we have striven for with T-Recs, and with the introduction of NAV reconciliation we have reached our initial goal to provide a system that does just that.â
T-Recs uses the accounting logic initially to validate the continuity and integrity of data delivered; a prerequisite to successful reconciliation, and then throughout the subsequent matching, research and remedial processes to ensure the tight accounting relationship between the reconciliation data sets is maintained.
A clear benefit of this approach is the ability to measure the financial impact of all breaks whether a price, exchange rate, position or trade price on a margin traded instrument. This allows both the system and the users to prioritise remedial actions, provides a clear measure of operational risk to operations management and traders, and a pragmatic way of measuring quality of service provision.
Watson Wheatley has worked closely with its existing clients to deliver this functionality, and it is now fully deployed in a production environment.