Case Study: Finance Transformation In Financial Services - Back On Track

Topics:
Business Process Management,
Strategic Planning and Analysis
Tags:
Finance,
Finance Organization,
Financial,
Financial Accounting,
Financial Service
Source:
Deloitte Touche Tohmatsu

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Overview: Several years after being forced to restate financials, a large U.S. financial services company was still struggling to get its financial processes in order. In the meantime, its external auditors had also uncovered a number of significant weaknesses and deficiencies in those financial processes. The company needed to strengthen its finance organization’s capabilities so that it could operate effectively in the future. The company’s finance organization had difficulty completing end-of-year reporting and frequently did not issue quarterly financial statements on time. Using offline databases and spreadsheets, the finance organization was slowly making progress in addressing these issues, but these processes and tools were clearly insufficient to support the real-time demands of the business. Specific challenges included:  Disconnect between operations and finance.  Personnel shortage.  Multiple systems. Complex processes.  Insufficient controls.

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Format: PDF | Size: 129KB | Date: Jun 2008 | Pages: 2

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