At the Heart of Financial Services
Our client is a leader in the financial services industry. This iconic brand has a long history of servicing institutional investors around the world.
OUTDATED SYSTEMS WERE IMPEDING GROWTH
As the demands of being a leader in the financial services industry continued to evolve, the company recognized it was facing two critical challenges surrounding the management of its enterprise dimensions throughout the organization.
First, the company was using Oracle Hyperion MDM 9.2 to administer only two of its eleven enterprise dimensions. Additionally, the company had begun the process of upgrading its servers and operating systems, which would require the retirement of the MDM application.
Second, the chart of accounts maintenance relied heavily on manual processes. This not only impacted the two dimensions in MDM, but also spanned the administration of the dimensions within Oracle E-Business Suite (EBS), and Hyperion Financial Management (HFM).
The combination of these challenges required extensive manual oversight for governing the chart of accounts to ensure Sarbanes-Oxley controls, as well as internal controls, were followed appropriately. Finally, the processes were slow and burdened by the use of spreadsheets and email.
The firm knew it had outgrown its model for governing the chart of accounts and needed a sophisticated solution that would both meet immediate challenges and simplify the governance processes of its enterprise dimensions.