Solution Stories Overview

“As we transitioned to a new performance measurement system, we were concerned that settled trade dates might not pass to the new systerm – resulting in inaccurate performance computations. But with First Rate’s help, we were able to perform calculations that reflected 100 percent of the trade activity that occurred during the transition period.” – Trust Operations Manager, Large Regional Bank

Another Successful Conversion to the First Rate Way of Measuring Performance

Client Situation

This large regional bank was transitioning to a new performance measurement system — First Rate Performance. A risk existed that settled trade dates would not be passed to the new system. Because such missing trades would be excluded from the calculations, this would result in inaccurate performance computations.

Client Challenges

If certain trades were excluded, all performance reports generated with the missing data would be inaccurate. About 1500 trades, spread out over 800 accounts, would be impacted. Bank staff would then have to spend 25 hours manually entering the trades.

What the Client Wanted

A way to capture transactions that were pending at the date of conversion from the old performance measurement system to First Rate Performance.

What First Rate Provided
  • Working collaboratively with the bank, we developed a plan for creating a separate transaction file containing all transactions that were pending at the time of conversion.
  • We then created custom programs to load this new file.
  • Using existing reconciliation methods, First Rate was then able to validate the transactions in the correct month, with the correct performance effect.
The Impact
  • Accurate performance results were calculated during the conversion period.
  • Clients received their performance reports without disruption during (and, of course, after) the transition period.
  • 100% of the trade activity that occurred during the transition period was captured, loaded and calculated.
  • With no missing data to contend with, the transition period was smooth for both bank employees and customers.