«All professions are needed, all professions are important" - that's all we know from the childhood.The fact is that in today's world, everything is interconnected, so there was a lot of terms of foreign origin, the meaning of which is unknown to most citizens.Realtors, image-makers, copywriters, surveyors - so outright and do not say what specifically deal with these people.The same can be said about the back-specialists, front offices.Who are they, where they work as part of their direct responsibilities?
definition of front-office financial institution
This term is a group of units in the organizations responsible for working with customers or clients.Specialists of the front office are on the front, a person of the company.Their professionalism, competence, friendliness depends on the success of the institution.In the banking sector, such workers are engaged in the processing of applications for opening a deposit or a loan, advise on any questions, distribute banking products and so on. D. That is, experts constantly accompany the customer from the moment he came to the bank branch until the transaction.
What is back office?
an operating-accounting entity engaged in providing of the offices that manage the company's assets and liabilities.Back office - a power broker.Clients and customers can not evaluate the performance of its employees, but they put a lot of effort to the prosperity of the business.Such units have in banks, investment companies, organizations commit securities markets transactions.They worked from 3 to 15 people, the number of employees depends on the institution.
work in the back office of the bank involves the preparation of management reporting, performance of securities settlement and cash for transactions concluded by the front office.Also, his staff engaged in control over compliance with limits, conduct an internal report, the provision of information to the accounting department.Specialist back-office work only with partners, with customers he does not cooperate.
What does the middle-office?
This unit can be called a link between the front and back offices.Options his rather vague.Experts banks are mainly engaged in the preparation and signing of contracts, providing customers with various kinds of reports, adoption of orders for transactions to withdraw funds, purchase and sale, and so on. D. Also, middle-office responsible for coordination of standard forms and standard documents with other units, the development of techniquescarrying out new operations.Its specialists in most cases, work on assignments foremost.
What are the responsibilities of experts back office?
Employees of financial institutions have to draw up contracts for the sale of securities, maintain a log of transactions.Specialist monitors the re-registration of securities to be made as the transfer of ownership from the seller to the buyer.Back Office performs this procedure on the basis of the transfer order contained in the register of securities holders.
new owner must obtain all necessary documents and expert, in turn, controls the process of calculation between companies of seller and buyer.On the back-office employee is assigned a great responsibility, because the slightest mistake, the seemingly minor inaccuracies could lead to large-scale problems.In the worst case, the company has significant losses due to the invalidation of the transaction.
Comparison of front- and back-office
These two units opposite to each other.Front office - is to work with customers face of the company.Specialists are always on the mind of their professionalism and resourcefulness of the future of the organization.Back office - is the work in the shadows.Office staff does not know everything in the face, but if the bees toiler, shovel a lot of important things.All experts working for the good of the company, but nevertheless it is important to draw the line between different departments, so as not to shift some responsibilities on the shoulders of others.
front office and back office have different functionality.The first is working to increase the speed of customer service, preserving the reliability of the information received, the operational registration of sales.The second is focused on the analysis of sales, training catalogs with prices of goods, pricing, motion control products in warehouses.
Separation units can occur both in software and in hardware.Explicit boundaries between them does not exist, it's just a system of concepts.Separation of back- and front-office must be on a psychological level.The head of the company must understand that in the first subsystem must work more professional and experienced staff rather than the second, since they have a great responsibility and more difficult to work.
