Financial data automation specialist Duco has updated its Reconciliation Maturity Model, which guides institutions through the process of streamlining their reconciliation functions.
The model helps firms establish their level of maturity in moving from manual to automated operations and then shows them how they can get to the next level. Duco said that an organisation with 1,000 controls can potentially save as much as US$38 million annually by following its best-practice guide.
Even institutions at the most advanced stage of maturity can obtain benefits to the tune of $6,000 savings in audit costs by following the guide, Duco said.
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