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Rising volumes for reconciliation operations and scalability pressures on the business side are taking their toll on the manual systems that some financial services firms may still be using, says Gregory Sonis, chief accounting officer, Roc Capital Holdings, LLC.
The volumes are rising dramatically for a variety of reconciliation efforts and this could mean the beginning of the end for manual systems that are holding firms back, says Sonis, who also addresses cutting-edge technologies.
“Right now, definitely manual processes won’t work because you need to hire an army of people to do all those reconciliations,” Sonis says. “First, you need to figure out how to do them and then figure out how many people you need to do it. Only technology will help us. … I’m hoping that probably in five to 10 years our firm will have a full technology platform for reconciliation. And, that’s what we’re working on right now — internally developing that system.”
Sonis spoke to FTF News during the SecOps conference in Toronto this past June. He also served as the moderator for the conference session, “Finding the Right Recs Path.”
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