A financial services company is logically broken up into three parts: The front office includes sales personnel and corporate finance, the middle office manages risk and IT resources, and the back office provides administrative, support, and payment services.
Similarly, it is asked, what is front office and back office?
Traditionally, front office staff are the folks in contact with the consumers or clients, while the back office staff are the people behind-the-scenes working in administrative or support roles.
Furthermore, is compliance middle or back office? With the increased focus on compliance and risk management following the financial crisis, the middle office has risen in stature as the “voice of reason.” The back office is involved in settlements, clearances, records maintenance, accounting, human resources, technology, and regulatory/organizational compliance.
Keeping this in consideration, what is the role of middle office?
The middle office plays numerous roles in financial services organisations and investment banking. It ensures that deals negotiated during financial transactions are processed, booked and fulfilled. Workers manage global agreements concerning business transactions, risk management, and profit and loss.
What is back office in banking?
The back office is the portion of a company made up of administration and support personnel who are not client-facing. Back–office functions include settlements, clearances, record maintenance, regulatory compliance, accounting, and IT services.