In May 2010, CA Technologies commissioned Forrester Consulting to examine the financial impact and potential return on investment (ROI) that an organization might realize from implementing CA's Oblicore Guarantee solution. To determine the impact, Forrester examined the specific costs, benefits, flexibility, and risk elements that a CA customer, Catholic Health East (CHE), experienced over the past three years using the CA Oblicore Guarantee solution. From interviews conducted by Forrester, it was determined that CHE's use of CA's Oblicore Guarantee solution allowed for a significant redeployment of labor necessary to compile and distribute service-level management reports to its system office customers and enabled a similar labor cost avoidance associated with compiling and distributing reports to its hospitals or Regional Health Corporations (RHCs). Based on our interviews, Forrester projects a three-year, risk-adjusted total net present value (NPV) of $173,420, representing the net costs and benefits attributed to using the CA Oblicore Guarantee solution versus CHE's previous manual processes used in service management reporting. (See details below in Costs, Benefits, Flexibility, and Risks sections). In addition, the risk-adjusted ROI was a favorable 45%, and the payback period was within 20 months.
Published By: CompTIA
Published Date: May 12, 2015
Managed service providers in the healthcare, infrastructure relocation, and financial service industries, tell their stories of modernization, adaptation, and growth, in this Quick Start Guide to compliance from CompTIA. IT solutions providers are learning all over again about best practices for sharing of customer data and reporting of financial data. But they’re also learning how best to help their clients meet compliance guidelines.
Published By: Workday
Published Date: Jan 16, 2018
The shift from a product- to a service-driven economy—mixed with an uncertain economic climate—has given finance teams the opportunity to become strategic business partners capable of shaping and guiding organisational decision-making. This partnership is only possible by creating a deeper understanding of the contextual factors that influence revenue and profit and loss, and making this analytical data available to the right stakeholders when they need it. That requires a fundamental change in the way finance teams think about technology.
A tool for finance leaders to unify disparate customer data with financial and strategic ROI
If you’ve found yourself sweating in a smoky billiard room, wondering what role customer data should play in finance—as well as in your company’s long-term strategy—this eBook will help you hone your pool shark skills.
Inside, you’ll find insights about….
• How to identify patterns in your customer portfolio, and why it matters.
• Avoiding four critical data billiard blunders.
• Key questions to ask while you’re segmenting your data.
• How to tell if your portfolio segmentation strategy is working with the right reporting.
This eBook will help you navigate the crowded billiard room of customer data and how you can use it to drive cross-functional value for your team.
Published By: Prophix
Published Date: May 31, 2016
Prophix develops Corporate Performance Management (CPM) software that companies use primarily to manage processes in the finance department, streamlining budgeting, planning, financial reporting and consolidation, and scorecarding.
In this paper, we consider the distinct financial and operational challenges that businesses face when launching international operations, and examine the value that global, real-time financial reporting and consolidation solutions can deliver. We discuss the criteria that companies should use to evaluate solutions.
The risk reporting environment for banks has changed. Regulatory
imperatives that were largely driven by the financial crisis of 2007—
such as Dodd-Frank, Principles for Effective Risk Data Aggregation
and Risk Reporting (BCBS 239) by the Basel Committee on Banking
Supervision (BCBS), Comprehensive Capital Analysis and Review
(CCAR) and others—are impacting banks around the globe. These
imperatives are forcing banks to rethink and reinvent how their
systems integrate and how data from across the bank flows into
the aggregated risk and capital reports required by regulatory
agencies. Banks must be able to convey to agencies that the data is
complete, correct and consistent in order to establish that the reports
Published By: Anaplan
Published Date: Mar 05, 2015
Financial consolidation systems are the ‘engine room’ of the corporate finance department, enabling companies of all sizes to comply with regulatory reporting requirements, company law and global accounting standards as well satisfy management’s need for periodic management reporting.
But all is not well with standalone consolidations applications that were developed in the 1990’s and which are still commonplace in some of the world’s largest multinationals.
According to one recent report, 47 percent of companies have made substantial investments in the last year in their financial close, filing, and reporting. Yet, despite the considerable sums
of money invested in the process, management teams across the globe remain dissatisfied with the quality and timeliness of management information.
Join us for an informative webinar to hear case studies describing how leading financial services firms have been able to move beyond Excel and save time, enhance collaboration, and improve business decisions -- ultimately resulting in higher revenues and profits.
Join us for an informative webinar and learn how easy it can be to create exceptional value through FP&A. You will hear case studies describing how leading financial services firms worldwide have been able to move beyond Excel and save time, enhance companywide collaboration, and improve business decisions - ultimately resulting in higher revenues and profits. And you'll also see a demo of how Adaptive Planning's award-winning software creates value for enterprise companies.
Sanctions screening and fraud prevention solutions use real-time detection to prevent terrorist financing and financial crime; whereas anti-money laundering (AML) primarily follows an “observe and report” process. Such a process is all that is currently required by many regulators. Increasingly though, international compliance teams are choosing to stop transactions before they are executed – based on suspicions of money laundering activity. More and more, the industry has been asking itself if this approach of rejecting suspicious activity is a more effective strategy to prevent money laundering. This paper explores where and why AML real-time detection might make sense as a new paradigm for global financial institutions.
Financial reporting teams, often led by Controllers, face mounting pressure to provide accurate, useful, and timely data, while also decreasing turnaround time and costs. Regulatory agencies don’t care if an organization is short of staff or if its financial management system amounts to a collection of spreadsheets.
Published By: MarkLogic
Published Date: Jun 19, 2017
Integrate your data silos to finally navigate the data maze.
This comprehensive white paper addresses a key element in any GRC program: regulatory compliance. Download this paper to learn about the costs, current practices, and associated risks. We’ll also recommend a technologically-enabled approach and highlight its main business benefits for financial services, insurance, and energy companies.
A Recommended Approach
Regulatory Compliance Solution Architecture
Published By: MarkLogic
Published Date: Jun 19, 2017
There is opportunity in the ongoing turbulence throughout the financial industry; however, regulatory and compliance challenges absorb resources and distract focus away from growth.
Download white paper to learn about a smart approach to data and innovative tools that build resilience into a business looking to not just weather the storm, but seize the advantage.
- Executive Summary
- Challenges of Financial Markets Today
- The Need for a 360-View of Data
- How to Deliver:
Adapt to Evolving Regulations
Improve Compliance and Lower Cost
- Solution Architecture for Regulatory Reporting
- Case Study: Adapting to Regulatory Complexity
"Disparate systems led to frequent cycles spent correcting errors within the data”.
Published By: MarkLogic
Published Date: Jun 21, 2017
Remember Y2K – the IT “problem” that should have brought businesses to a screeching half? Despite the hype, the preparation led to widely documented business benefits and uncovered new opportunities that transformed organizations worldwide.
Similarly in today’s highly regulated Financial Services industry, enabling GRC by integrating data from silos can be the driver for future business use cases like machine learning and anti-fraud detection services. GRC can be your catalyst for new opportunities.
Listen in as our panel of financial services experts discuss the keys to reinventing your data strategy.
How to align your GRC strategy with a business transformation agenda
How to ensure your organization’s approach to data management isn’t just a one-off solution, but a comprehensive one adaptable to changing regulations
How to navigate the increasing regulatory demands for granular data security
How to turn your compliance spend into new opportunities to earn revenue
Published By: MarkLogic
Published Date: Jun 21, 2017
Global financial organizations are facing increasing demands from the business for more granularity, transparency, reporting and security. If you’re on the IT side, you know this adds a different set of ‘mores’ to the equation: More duplication, delays, and people. What’s the net-net? More cost and more risk.
You can balance the scales to satisfy those demands. And it starts with thinking differently about data management.
Our financial services technology experts will explore the implications of governance, risk and compliance (GRC) imperatives. You’ll learn:
• Why data is at the heart of an effective and dynamic GRC strategy
• Why technological capabilities used to enable standard GRC programs can reduce transparency and prevent you from gaining a holistic view of your data
• A new approach to data can provide the business with complete transparency
• Review a sample regulatory reporting architecture
Stop burning time on tooling — and start building a dynamic GRC strategy that can
While being the backbone of many organization’s Offices of Finance and Accounting, it is now commonly acknowledged that this overreliance on Excel spreadsheets coupled with the lack of visibility associated with its use represents a very real risk. With automation available to improve both process efficiency and effectiveness, the challenge many companies face isn’t why they should transform their process but how.
The key to overcoming this challenge is creating a strong business case for investment. One that not only sets out the objectives of the project but is also underpinned by a robust financial analysis, in the form of qualitative and quantitative ROI, and a thorough understanding of risk.
One of the most common things we hear when we speak to companies about improving their financial close process through automation is “But I already have an ERP system.” It’s true that an ERP goes a long way towards helping manage some of the financial close process. However, there is still a great deal of work that is taken outside of the ERP each period end and managed manually.
Trintech is a global software provider with over 1,700 customers in over 100 countries. Across the globe, we focus on delivering value to our customers through local representation to build a community where we are known as a trusted partner to deliver best practice and enable process improvement.
In our previous eBook, “Part 1: Enabling Financial Transformation through Technology,” we examined the “why” of Record to Report transformation and briefly described ‘how” you can achieve this through the implementation of Record to Report technology.
Now that you understand the “why” and the “how” it’s time to put it into action to ensure a successful Record to Report transformation delivery. But first we need to lay the framework, as the majority of you have probably never embarked on a financial transformation journey before or have experience with a technology purchase or implementation of this calibre.
Over the past few years, terms such as: ‘Modern Finance,’ ‘Continuous Accounting’ and ‘Robotic Process Automation’ have all created buzz across the finance industry. These have been launched as a response to the challenges facing finance around attracting and retaining high quality employees, the rising risks due to the difficulty in certifying accurate data, today, and the expectation that finance has a role in driving the business forward.
Typically, Shared Services Center (SSCs) automation initiatives have been undertaken to reduce costs and improve efficiency.
These goals are achieved relatively easily within the first few years, most immediately through reduced labor costs and centralized activities.
In fact, standardization and centralization deliver up to 50% savings. During subsequent phases, technology automation and outsourcing cut costs further. But, if cost reduction is the only clearly defined goal, organizations will reach a point of diminishing returns.
By leveraging Record to Report technology, you can effectively manage the entire R2R cycle in one place with one single view of all your relevant controls. Software not only provides you with the means of collating all this data in a single view, but also can eliminate those white spaces between key control components and enable you to standardize across your business.
In terms of reconciliations, we tend to spend most of our time simply gathering data before we can even begin to think about reconciling it. Once the data is finally in the right format, the majority of our time is then spent manually going through the matching process, rather than spending that time focused on the areas that are most critical to us, as can be seen in the diagram on the right.
The primary objective of any financial transformation project is to achieve process improvements by improving the quality, effectiveness and efficiency of financial information, ultimately enhancing shareholder value.
Take the example of the close process. It would be incredibly simple to shorten the process by adding more people, however, is this an efficient way to reduce the number of days to close? On the right, the Hackett Group displays that best in class companies actually can be seen closing in fewer days, with greater automation and significant lower audit fees, emphasizing the idea that you really can do more with less.