Our client was implementing a large change programme within Finance and Product Control to upgrade and improve its technology infrastructure for workflow, control, reporting and business intelligence within its Global Banking and Markets Division.
The existing systems infrastructure was highly complex. Each region had separate processes and systems managing finance required data. Production of key monthly reports was manually intensive leading to high operational costs and lack of timeliness of reporting.
Control and regulatory requirements were driving the need to move from monthly to daily reporting - which couldn't be supported by the existing infrastructure. The existing process was prone to errors and often resulted in overdue or inaccurate data submissions. The data and results provided in the existing report framework were not granular enough to support accurate decision making.
The change programme was established to create a consolidated reporting and workflow solution capable of meeting all global reporting, control and regulatory submission requirements. The solution needed to deliver operational efficiencies as well as data quality improvements.
Our client did not want this to be a point solution and were looking for a partner who could deliver a strategic platform which could be leveraged for future projects. Our client also had multiple tool options for the consolidated platform and wanted an independent best practice view on the technology to implement.
Kinaesis worked with our client to develop a clear business vision and a set of traceable business requirements that were needed to meet the business objectives. We assessed their Enterprise Information Maturity (EIM) using the Kinaesis EIM matrix. This highlighted key areas that needed to be addressed to drive successful delivery across architecture, data delivery, data lineage, data frequency, governance and project delivery.
Kinaesis designed a high performance architecture using best practice design patterns and conducted a tool selection leveraging extensive research and broad industry experience. Our client's technical capabilities were also a key input into the selection to ensure that the platform was sustainable and supportable.
Kinaesis worked with our client to develop a plan spanning IT and operations to address technology and operating model needs. Kinaesis designed and implemented a tiered solution consisting of a flexible data warehouse with an OLAP layer to enable slice and dice and drilldown, and a reporting layer to provide standard reports and self-service capability.
The solution provides a global consolidation of a previously disparate set of quarterly, monthly and daily reporting processes. The solution is functionally rich covering all key finance requirements including adjustments, commentary, fair value adjustments, balances and P&L, own credit spreads, independent price verification, available for sale, loans and receivables as well as global P&L analysis.
The solution also solved bi-temporal reporting challenges using state labelling as a dimension allowing users to select a single state driven view of their data (e.g. “Show me total P&L for my Business Unit at Local VC Signoff”). There is a strong emphasis on master data and data quality.
The platform is highly performant, reporting calculations (e.g. currency translations) executed in-memory, on-demand, there is low latency between data consolidation and availability in the reporting suite.
The solution provides a single view servicing product controllers globally, senior management and the regulators. Operational savings of 30% were achieved using the new platform. Reporting cycles were cut from 6-7 weeks down to days.
Our client was able to move forward with confidence knowing that Kinaesis had provided independent, industry-leading guidance on the right technology to deploy and in the optimum fashion for best performance, functional fit to requirements and to deliver the best value for the client. The globally consolidated platform delivered significant control improvements and lower total cost of ownership as consistent processes were built into the standard reporting cycles to enable data to be consolidated rapidly and efficiently.
The platform also delivered far greater granularity improving the analytical value and the ability of the business to identify issues in the data more rapidly. To ensure long term benefits and the future leverage of the initial investment in the platform, Kinaesis established a target operating model and set up the platform as a service to enable delivery of more projects onto the platform and to reduce the barriers to implementing new strategic initiatives.