Improve Efficiency, Compliance and Productivity Through Finance Transformation in Financial Services
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Transcript of Improve Efficiency, Compliance and Productivity Through Finance Transformation in Financial Services
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Improving Efficiency, Compliance & Productivity
with Finance Transformation in Financial
Services
October 29, 2014
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Perficient is a leading information technology consulting firm serving clients throughout
North America.
We help clients implement business-driven technology solutions that integrate business
processes, improve worker productivity, increase customer loyalty and create a more agile
enterprise to better respond to new business opportunities.
About Perficient
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• Founded in 1997
• Public, NASDAQ: PRFT
• 2013 revenue ~$373 million
• Major market locations throughout North America
• Atlanta, Boston, Charlotte, Chicago, Cincinnati, Cleveland,
Columbus, Dallas, Denver, Detroit, Fairfax, Houston,
Indianapolis, Los Angeles, Minneapolis, New Orleans, New
York City, Northern California, Philadelphia, Southern
California, St. Louis, Toronto and Washington, D.C.
• Global delivery centers in China, Europe and India
• >2,200 colleagues
• Dedicated solution practices
• ~90% repeat business rate
• Alliance partnerships with major technology vendors
• Multiple vendor/industry technology and growth awards
Perficient Profile
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BUSINESS SOLUTIONS
Business Intelligence
Business Process Management
Customer Experience and CRM
Enterprise Performance Management
Enterprise Resource Planning
Experience Design (XD)
Management Consulting
TECHNOLOGY SOLUTIONS
Business Integration/SOA
Cloud Services
Commerce
Content Management
Custom Application Development
Education
Information Management
Mobile Platforms
Platform Integration
Portal & Social
Our Solutions Expertise
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Industry Driven SolutionsG
lob
al D
eli
ve
ry C
en
ters
/Off
sh
ore
De
live
ry
Deep Financial Services Domain Expertise
Strategic Partners
Deep Financial Services Domain Expertise
BANKINGWholesale
Consumer
Credit Unions
Payment Processing
Trust & Custody
Trade Services
Treasury Services
ASSET & WEALTHMANAGEMENTEquities & Fixed Income
Private Equity & Real Assets
OMS & EMS
Research Analytics
Portfolio Modeling
Portfolio Accounting
Performance & Reporting
CAPITALMARKETS
Equities & Fixed Income
FX & Commodities
Future & Options
Electronic Trading
INSURANCEInvestments
Customer Acquisition
Compliance & Risk Strategies
Property & Casualty
Life Annuities Services
Claims Evaluation
Underwriting
Consumer Direct
Business/
Technology Solution
Rationalization
and Delivery
Business Process
Improvement
Program Value,
Quality and
Cost Management
Client
Centricity
Risk and Regulatory
Compliance
Finance
Transformation
Solutions & Services
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Presenter
Sanjay BalanDirector of Financial Services, Perficient
Sanjay Balan has more than 20 years of experience in the
financial services industry advising a large cross-section of clients
across capital markets, banking, asset and wealth
management. He is a director in Perficient’s Financial Services
practice and the industry leader for the finance transformation
competency that provides consulting services covering the full
lifecycle of the accounting process.
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Historical View of Finance Function
• Consolidating financial information within
the general ledger (GL)
• Reconciling data
• Reporting to internal stakeholders and
external entities
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Issues & Business Drivers
Global Accounting Policy
• Current back office clearance and
settlement systems have accounting rules
embedded within them with limited
transparency
• Some systems are fully integrated from
front to back offices, accounting rules and
GLs that provide very little documentation
on the exact accounting rule
• Accounting rules are created multiple
times for the same transaction type
globally
• Rules may be hard-coded into programs
and spreadsheets that directly feed the
global GL
• Conform to IFRS regulations
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Issues & Business Drivers
Accelerating the Financial Close
• Many manual processes in the financial close originate in the front to back-office areas, which need to be addressed to drive accelerated close
• Inconsistent reconciliation model across locations and lines of business resulting in time consuming processes affecting the close cycle
• Transparency issues due to “legacy black boxes” in interfaces, transformation engines, back office systems
• Many different chart of accounts are costly to maintain adding to bottlenecks and reduced benefits realization from platform improvement efforts
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Issues & Business Drivers
Regulatory Reporting Needs
• The increased regulatory landscape in
financial services has required various
reports (FR Y-9C, Call Report, FOCUS,
CCAR Y-14s, 10K, 10Q, etc.) to be
created and published on a periodic
basis to regulatory agencies
• Management reporting – controller
dashboards and financial analytics
increases the need to have a single
source of information for all data
consumption needs
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The Changing Face of Finance
Expanded Responsibilities
• Larger, more complex and vastly
more critical function in financial
services
• Purview of corporate finance
extends long before GL processing
and ends long after reconciliation
• Far less linear and more
intertwined process
• Shift to a global accounting policy
• Ongoing regulatory demands
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Finance Processes, Functions &
Key Stakeholders
Source: Forrester Research Finance Transformation: A Practical Guide to Streamlining Finance Functions That Pay Off
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What is
the
Opportunity?
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The New Corporate Finance Agenda
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What is Finance Transformation?
Enterprise-wide “change” designed to
help finance organizations with:
• Inefficient, manual processes
• Disparate systems & data structures
• Complex organizational structures
• New business demands
• Regulatory reporting requirements
Goal: More streamlined, data-driven and
regulated environment that delivers value
to the organization.
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Realizing Financial Success
P E O P L E P R O C E S S T E C H N O L O G Y
Finance Transformation programs require a systematic plan that
understands the current state of people, processes and technology
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10/29/2014 17
Implementing technology alone
without considering needed
process or organizational
structure changes will not
achieve the desired
transformation objectives or
target operating model.
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How to Initiate a Finance
Transformation Program
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Business Process Reengineering
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The New Finance Operating Model
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Finance Transformation Services
• End-to-end process mapping
– Across product systems providing data to the general ledger,
including: accounting rules specific to equities, fixed-income,
FX, derivatives, options
• Sub-ledger architecture, general ledger implementation,
reconciliation, and consolidation
• Post-general ledger financial data warehouse for:
– Management
– Compliance
– Financial reporting
– Risk
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Please enter your questions into
the chat box.
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Download our new digital series Transform for Tomorrow:
Navigating New Forces in Financial Services:
http://www2.perficient.com/transform-for-tomorrow
@ P E R F I C I E N T _ F S