For some time, financial services firms have wanted an efficient means to transparency for many securities operations. But they have often encountered speed bumps to this new clarity.
“In a large firm, there are many speed bumps,” Lisa Carletta-Vieites, director, global lead, investment bank intercompany, UBS Investment Bank, tells FTF News in a video chat. “When you’re employed to do a specific job or a specific task, you tend to work in silos. And that’s the issue we’ve encountered — our teams working in silos.”
These silos can contribute to “a lack of communication, transparency and knowledge of all the front-to-back office processes,” Carletta-Vieites says. These limitations also have a “knock-on impact” on the closing process.
The way forward is for the front-, middle- and back-office staffs to find a way to work more closely together.
“It’s breaking up those silos and ensuring that each team has an understanding of the knock-on impact of their process on the next process,” Carletta-Vieites says. The ultimate goal would be “reporting our financials accurately and efficiently, and streamlining the flow front to back.”
Carletta-Vieites manages a global team of 30 onshore and offshore individuals leading the monthly accounting close processes of the intercompany function for the investment bank division at UBS.
She spoke to FTF News during FTF’s SecOps event in Boston this past June. She participated in the “Picking Up the Pace” SecOps panel and is a member of SecCops 2017 advisory board.
CREDITS:
Video Production: Janene Knox and William J. Poznanski, Jr.
Interview conducted by: Eugene Grygo, chief content officer, FTF News
Co-Producers: Sarah Hathaway, vice president, Financial Technologies Forum (FTF) and Eugene Grygo
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