Our Operations Group

Operations Control creates and maintains the various reconciliation and reporting processes that support the Firm's trading and operations activities. The department's primary responsibilities are to reconcile and balance all bank accounts and securities positions and to ensure regulatory compliance for all reported customer and Firm differences.

The department is organized into seven groups:

Clearance and Exchange Fees - Expense Management
The Clearance and Exchange Fees Expense Management group is responsible for the accounting, control and reporting of clearance and exchange fees. The group provides value-added financial review, analysis and reporting to Operations and senior management throughout the Firm.
MIS Reporting
The group develops, maintains and presents key MIS reports that enable senior management to monitor operational performance and risk in an efficient manner.
Metrics
The Metrics team consists of business analysts who provide, manage and distribute analytical
 
“Operations Control maintains the reconciliation and reporting processes that support the Firm’s trading and operations activities”      
reports focusing on the performance of various Operations departments. The reports and analyses allow managers and staff to assess operational performance and risk mitigation. The team manages projects covering a wide range of products and business models, as well as Firm-critical functions such as activity-based costing, automation of processes and reduction of operational risk.
Possession and Control
The Possession and Control group is responsible for monitoring and enforcing compliance with all regulations that are relevant to the Operations departments. These regulations can originate from, but are not limited to, the U.S. Securities Exchange Commission (SEC) and the New York Stock Exchange (NYSE). The group's goal is to help departments obtain and maintain efficient and compliant processes by monitoring daily Operations functions. They also test procedures and transactional flows within different Operations groups.
Reconciliations
Operations Control performs a variety of control, reconciliation and reporting services to support Lehman Brothers' business activities. Its goal is to develop value-added, symbiotic relationships with the businesses it supports and to enhance controls over their functions. The team also institutes process changes to improve efficiency, productivity and profitability while reducing the rate of exceptions and increasing straight through processing.
Responsibilities

Foreign Exchange (FX) Reconciliation acts as the liaison between Firm entities conducting FX business and banks executing currency movements. All FX bank accounts are reconciled on a daily basis, and failed transactions are investigated and reported.

Bank Reconciliation performs reconciliations on a daily, weekly and monthly basis. This area reconciles the cash movements of the Firm's external bank accounts versus our internal ledger accounts. In addition, Bank Reconciliation performs reconciliations on suspense and clearance accounts in order to identify and mitigate any Firm exposure.

Risk Control
Risk Control provides detailed MIS regulatory reports that are used by management to assess the Firm's operational exposure. The reports are used to monitor and evaluate the effectiveness of control activities within various Operations departments, thereby enhancing procedures for reducing exceptions.