There is no silver bullet to achieving excellence in reporting. Consider the following three best practices when pursuing improvements to your reporting process.
“Excellence is the gradual result of striving to do better.” – Pat Riley.
There is no silver bullet to achieving excellence in reporting. Both asset managers and asset allocators struggle with the function in many ways including:
Consider the following three best practices when pursuing improvements to your reporting process.
Best Practice #1: Use Checklists to Prevent “Oops” Moments
Steven Levitt, the author of Freakonomics, once said “No matter how expert you may be, a well-designed checklist can improve outcomes”.
Checklists are vital to achieving accurate and timely reporting. They eliminate excessive reviewing, prevent “oops” moments that you wish you could take back, and allow you to act with certainty. Your checklist for reporting should be broken down into four areas:
Checklists also ensure you meet your reporting deadline. By breaking down the reporting process into smaller steps and assigning a deadline to each one, the checklist can show you progress (which is motivating) but also identify bottlenecks and delays.
Best Practice #2: Maximize the Use of Technology
Significant improvements in reporting can be achieved when asset managers and asset allocators maximize their use of technology in the following ways:
Best Practice #3: Build a Culture of Continuous Improvement
No matter how sophisticated your reporting function is, there is always room to improve. Building a culture of continuous improvement helps you consistently evolve and enhance your reporting function. The key is to empower team members to identify problems and propose solutions. Here are some key steps you can take:
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