The Challenge

With multiple acquisitions over the last three decades  and with thousands of staff in multiple offices around the world, this company’s growth had created a financial accounting landscape comprising a range of disparate data sources, processes controls and reporting methods.

With no central data warehouse, data was stored in multiple source systems. This meant that people and dataware preoccupied with manually intensive data collection, recording and reporting – processes which became increasingly onerous as regulatory and statutory reporting requirements placed ever greater demands on the business.

The Result

Phinsys was utilized to develop a single source of truth: a reliable data model that supports Enterprise wide Group, Entity Regulatory and various Statutory reporting requirements. Implementation of a consistent and accurate financial close process enabled the efficient use of resources and reduced operating expenses.

Consolidated reporting across the entire portfolio including PRA and Lloyd’s Solvency II Pillar 3, UK & USGAAP down from 20 days to S days. Overall 85% reduction in effort to run regulatory reporting after the close of statutory books. No time lag needed between production of management and regulatory reports