The Challenge
Business leaders were reporting anecdotal evidence of data being lost between front and back-office systems, at the same time as tough new US corporate audit requirements for evidence of end-to-end financial reconciliation were being imposed. The existing limited manual data integrity checks were time consuming and gave little confidence that the financial reporting had sufficient integrity.
Our Approach
Accountable to a cross functional working group chaired by the CFO, we deployed a tight knit team to project manage, direct and undertake the
The Outcome
Implementation of automated financial reconciliation not only eliminated the need for time consuming manual reconciliations, but the increase to a weekly frequency flagged issues much earlier allowing them to be addressed prior to monthly/quarterly reporting, which also satisfied the corporate requirements and the financial audit requirements imposed on US corporations.
A collaborative and valuable engagement. Stratiformis helped break down a complex regulatory subject matter into clear, actionable plans and business outcomes, and supported the end-to-end shaping and implementation of the program over 18 months. Having a trusted advisor and SME alongside our team meant a more efficient and focused delivery overall.
Stratiformis engaged in a focussed and accelerated manner to develop a comprehensive operating model capability breakdown, along with identification of the firm’s critical business processes Given the breadth of stakeholders and the inherent complexity of the processes, this work required both rigor and strong business insight — all of which Stratiformis delivered with diligence and professionalism.