Data Reconciliation FAQ's

 

Please reference the following FAQ's regarding Orion's data reconciliation. 

 

What reasonable assurances do I have that your (Orion's) reconciliation is accurate?

  • Controls audited twice a year

  • SSAE16 Type II Certified

Who exactly is doing my reconciliation?

  • 65+ Orion team members

  • Teams are divided by the interfaces they are responsible for reconciling

  • SME teams focus on particular areas

What time are files typically available?

  • Files arrive in early morning hours

  • Files are automatically applied to your database

  • Confirmation system targets issues, and analysts work to resolve them

What types of files does Orion typically receive and utilize via an interface?

  • Name

  • Position

  • Transaction

  • Product

  • Prices

  • Cost Basis

  • Corporate Actions

  • Dividend Activity

How often does my custodian transmit position files? *Note this is not an exhaustive list*

  • Schwab, Fidelity, NFS, Most Small Brokerage Firms

    • Daily

  • Pershing

    • Weekly (every Saturday)

  • DST

    • Monthly (Last business day of the month)

What information is contained in the custodial name file?

  • Household Name

  • Account Number

  • Address

  • Social Security Number

  • Rep Number

  • Fund Family

  • Registration Type

How much history does Orion have access to?

  • Last 6 months of data (Note: Orion only has 6 months of data if it has been previously provided in the daily custodial feed.  After 6 months the files are archived in the Orion system.)

If I update an address at the custodian, will it automatically update in the Orion system?

  • No, addresses must be updated manually

What happens when I have a foreign account?

  • Accounts cannot be added via the name file, they must be manually created within the New Accounts Center

What if I want to bring an account onto the Orion platform and there are no interface options available?

  • Orion can store the data

  • Account must be added manually

  • Transaction activity must be updated via Custom Import tool

How can I tell if my accounts are in balance or not?

  • Navigate to the Reconciliation Status App. 

Can I update transaction types myself?

  • Yes, but you must update offsetting transactions

  • The user must also have transaction editing rights

Why does the Value on my Orion Report or the Billed Market Value that Orion calculates not match the value on my Custodial Statement?

  • Assets are excluded from billing

  • Assets/Accounts are marked as "unmanaged"

  • Different price sources

  • Accrued interest may be included/excluded (at Enterprise level, accrued interest is always included)

  • Back dated transactions- Custodian prints statements prior to end of month transactions settling