ACI Operations Certificate common mistakes
ACI Operations Certificate · Understand the traps and how to avoid them.
Reversing quotation direction
Base and quote units determine the amount exchanged.
What to do instead
Write the currency units and identify which party buys or sells.
Using bid when the bank sells the base
The customer and quoting-bank perspectives differ.
What to do instead
Choose the stated side from the quoting party perspective.
One spot date for every pair
Calendars and instrument conventions differ.
What to do instead
Use the actual contract and relevant settlement calendars.
Accepting changed instructions from an email alone
A plausible name does not authenticate a bank-account change.
What to do instead
Use independent verification and the authorized approval process.
Forcing a reconciliation to balance
An unsupported balancing entry can conceal a fee, duplicate or missing transaction.
What to do instead
Investigate the original evidence and record a supported correction.
Treating netting arithmetic as legal authority
A numerical offset does not establish an enforceable arrangement.
What to do instead
Confirm the relevant agreement and settlement basis.
Mixing day-count denominators
The same annual rate produces different amounts under different bases.
What to do instead
Identify the stipulated convention before calculating interest.
Assuming automation removes control duties
Automated processing can propagate incorrect data quickly.
What to do instead
Maintain access controls, reconciliations and exception review.