- FINANCIAL SERVICES Use Case
AGILITY IN STATUTORY & MGMT. REPORTING
How Profisee can help financial services organizations deliver agile management reporting to optimize return on capital and other key metrics, while ensuring statutory reporting compliance and transparency.
Agile insights to drive operational excellence
To deliver high-performing financial results, financial services organizations need agile reporting that delivers insights not available through mandated statutory reporting. However, these alternate financial hierarchies must also remain aligned and “tie out” to statutory reports to be trustworthy and actionable – a major challenge for many.
Data Domains
Chart of accounts, cost centers, entities, etc.
Business Problem
Lack of insights to drive core KPIs
Teams Impacted
FP&A, Revenue, Risk, Operations
MDM Impact
Agility & trust in management reports
Business Problem
Data Strategy
Outcomes Business Problem
Manual Reporting Delays Critical Insights
- Management reports do not tie out to statutory reports: Instead of using management reports to make decisions and optimize the business, teams argue over “whose number is right.”
- Financial close delayed: Monthly and quarterly close process is an “all-hands-on deck” exercise to chase down, understand and remediate financial discrepancies.
- Alternate management reports resisted – lack of insight: Due to lack of governance & control, and due to the never-ending battle of reconciling management to statutory reports, additional management reports are often resisted, resulting in lost insights.
- Hierarchy change process slow, highly manual: When new accounts or cost centers are introduced, tedious and error prone manual processes are used to align changes across statutory and management reports.
- Ensuring SOX compliance: Challenges in documenting statutory report changes for SOX.
Data Strategy
Scale Statutory & Analytical Reporting
- Workflows and approvals for hierarchy changes: Custom, event-driven workflows can be configured to coordinate hierarchy changes across teams, and document change approvals for SOX.
- Robust security model: Highly granular security allows team members to work collaboratively on hierarchies with proper controls and without change conflicts.
- Rich audit history: Highly detailed audit tracking forevery change by every use supports SOX.
- Flexible business rules: Easily configured business rules serve as financial data steward “guard rails” ensure changes conform to business rules and downstream system limitations.
- Point-in-time view: Ability to see hierarchies and data steward changes at any point in time.
Outcomes
Close Finances Faster with Confidence
- Agile management reporting without “reconciliation hell”: Management teams can slice and dice critical financial data to make key business decisions with confidence that the reports are accurate.
- Faster financial close: The financial close process is streamlined, with manual reconciliation efforts greatly reduced or eliminated.
- Less effort spent researching discrepancies: Hundreds and sometimes thousands of what are often “shadow” hours saved on low-value reconciliation and remediation efforts.
- Change control & change history compliance: With workflows, approvals and history fully managed out of-the-box, compliance documentation is automated and available without manual efforts.
