Paperwork.png

Automated Finance Reconciliation for Audit

Summary

Project management of the development and implementation of an automated financial reconciliation process covering front end registration systems, global premiums & claims data-warehouse and ERP Solution across global operations to satisfy financial audit requirements imposed on US corporations.

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.

Approach

A Stratiformis team led the efforts to analyse and design a framework to support automated reconciliation of the front office, intermediary and back office systems, and managed the offshore development teams to deliver the solution to the business,

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 and audit requirements.

Stratiformis

  • Formed in 2007 to deliver Strategic Advisory and Transformation Delivery Services
  • Unique mix of business, IT and change skills that provide a broad understanding of the drivers, challenges and methodologies for the successful implementation of change within an organisation
  • Operating predominantly in the Insurance and the Telecommunication sectors
  • Highly experienced consultant team working in close partnership with our clients

Contact us

Stratiformis Consulting Ltd
68 Lombard Street
London, EC3V 9LJ
Phone: 020 786 81817
Fax: 020 786 81800
Email: enquiries@stratiformis.co.uk