Back Office Law and Legal Definition

A financial services company is generally broken up into three parts: the front office, the middle office and the back office. Front office consists of sales personnel and corporate finance. The middle office manages risk and IT resources. The back office provides administrative and support services. It carries out functions like settlements, clearances, record maintenance, regulatory compliance, and accounting. Back office crunch refers to a situation when order processing is slow due to high volume. Back office performs work out of sight of customers and includes office work include bookkeeping, processing of checks and loan payments.