Thursday, April 15, 2010
The Key to the Brave New World of FDIC-Assisted Banking: “It’s the Accounting....”
In the Brave New World of Banking, particularly for institutions navigating the pothole filled landscape of FDIC-assisted transactions, accounting is the first big task to tackle, post acquisition. In plain words, the goal is to gain control of legacy accounting systems (of the acquired institutions) that, in turn, can generate robust and reliable data and reports necessary for the demanding FDIC reporting environment. Accounting systems must be properly initialized and also sufficiently automated to quickly reflect post-closing data corrections. Above all systems must be nimble. Manual processing is neither recommended nor sufficient to handle in the complex, multi-dimensional, high velocity and fluid world of FDIC-assisted transactions.