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Definition of 'Back Office'
Administration and support personnel in a financial services company. They carry out functions like settlements, clearances, record maintenance, regulatory compliance, and accounting. When order processing is slow due to high volume, it is commonly referred to as "back office crunch."
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Investopedia explains 'Back Office'
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 and support services.
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