Nostro Approval

Nostro Approval

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Storyboard Description

Reconciliation Unit

Storyboard Text

  • 1
  • John: My goodness! what sort of wahala is this?
  • Wunmi: What happened?
  • 2
  • John: Our Nostro accounts have items above the ageing tolerance period and i don't know when they will be resolved
  • Wunmi: How do you mean?
  • 3
  • John: Resolving them is beyond me as they are dependent on other stakeholders. I don't even want my Line manager to know because she won't like that our team is appearing on the Recons exception report 
  • Wunmi: No, You must inform your Line Manager, that's the laid down process. in fact, it is advantageous for you to get the necessary approvals as applicable
  • 4
  • Wunmi: Yes. The process is to protect you and ensure that top management is aware of all non-conforming entries. The matrix approval is on the level of delay such that Business Unit Head for items above 10 days and Executive Director for items above 30 days to justify their continued stay in the accounts
  • John: Really?
  • 5
  • John: But how do i get the approval?
  • Wunmi It's easy, just provide details of these items and include reason for the delay in dealing in a mail to your Line Manager. Ensure Nostro Team is carried along and Voila!!! 
  • 6
  • John: Hmmm! so that's it?
  • Wunmi: Yeah, so no one violates any governance procedure/process and we all end up happy
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