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Transforming Daily P&L in Financial Institutions: The Way Forward

 

Nidhy Pandey

Senior Business Consultant, CFO Strategic Initiatives, Banking, Financial Services and Insurance, TCS

Jm Kumar

Senior Business Consultant, Finance and Reporting, Banking, Financial Services and Insurance, TCS

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Daily P&L validation – the first step toward better product control 

Product control is an integral function within the investment banking division of capital markets. Daily profit and loss (P&L) validation is an important aspect of product control in finance. However, most banks use manual P&L validation leading to delayed processing and incomplete or inaccurate reporting, adversely impacting the strategic decision-making processes. Daily P&L automation has emerged as a key prerequisite to greater accuracy, increased efficiency, reduced operational risks, and better decision-making. Robotic process automation (RPA) technologies offer a way out.

Adopting RPA in P&L automation can help banks improve strategic and tactical decision-making by:

  • Integrating multiple siloed systems
  • Facilitating traceability of data flow from upstream to downstream systems
  • Enhancing the daily P&L reporting activities

Success, however, will depend on selecting the right processes for automation using RPA technologies. The automation–ability conviction matrix helps banks identify sub functions and processes that are suitable for RPA.

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