Use DataSnipper's Form Extraction and Document Matching to automate tests of operating effectiveness, illustrated here with a Derivative Trade Processing Cycle control.
Video tutorial
What the video covers
How to set up a control testing template, use Form Extraction on derivative contracts, edit extraction keys for improved accuracy, export results to Excel, then run Document Matching against SWIFT messages and checklists to complete the control test.
Prerequisites
Derivative contracts
SWIFT counterparty confirmations
Relevant checklists
DataSnipper Professional or Elevate package
Steps
Create an Excel control testing template to document each step of the control test.
Import supporting documents. Click Document Extraction in the ribbon and select Form Extraction.
Click Start new form extraction and select the derivative contract files.
Click Add extraction for each field to extract: Trade ID, Trade Date, Forward Rate. If an extraction is not locating the correct value, click the three-dots menu and select Edit Key, then snip an anchor point near the field to improve accuracy.
Name each extraction, click Save as template, then click Export to Excel.
Copy the snips into your control testing template.
Click Document Matching and select Start new document matching. Use the extracted snips as the input sample data.
Select Use document folders and choose the SWIFT Messages and Checklists folders. Configure the output columns for each document group, then click Match all rows.
Review the output. Use Exception Snip to flag any discrepancies, and Validation or Exception Snips to confirm or flag sign-offs on the checklists.
