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Financial Services - Increasing efficiencies across finance processes

The Programme

In partnership with Practicus, this trading firm were looking to make changes in order to have effective and efficient processes in its finance team.

The Challenge

Following a merger, our client became one of the world’s leading trading firms. The integration, as well as the introduction of a new global CFO and European Finance Director, highlighted the opportunity to transform the finance function by introducing standardised documentation and processes while increasing efficiencies.Before transformation could begin, it was important that the company had a full picture of existing processes and possible improvement opportunities.

The Engagement

Practicus was asked to engage with staff to review and build a full ‘as-is’ picture of processes, documentation and data feeds. It put together a multidisciplinary team made up of accountancy and system experts. The team identified all processes and led a series of workshops with key SMEs to capture process steps.Practicus produced both high and detailed level process maps of 157 processes covering Financial Control, Product Control, Financial Planning and Analysis, Treasury and Regulatory Reporting. The documents went through a series of SME validations and final management approval before being stored in an online, purpose-built process repository to manage version control as processes were amended in the future. Whilst focusing on the current ‘as–is’ status, Practicus was able to identify both quick win and longer term process improvement opportunities such as automation and a front-end report writing solution.

The Outcome

As a result of the review, our client now has clarity on its challenges and what it should do to address them. The engagement culminated in a final report that clearly stated the impact of the current process workarounds and opportunities. It also prioritised short, medium and longer term recommendations. With the recommendations in hand, the Finance Director has been able to gain support from key stakeholders on the first stages of the transformation.