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Banking / white paper
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:
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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