Consolidated financial reporting, improving time and compliance

Industry : Banking & Finance, Cross-Industry

Function : Accounting and Finance

Company Profile

A global quantitative trading firm and leader in high-performance, low-latency trading whose traders, quants, developers, and systems engineers collaborate to develop and implement trading strategies, each contributing their unique expertise daily to help make optimal decisions in the global financial markets.

Scope Highlights

  • Financial reporting for parent + 13 subsidiaries
  • Citrix receiver
  • QlikView analytics and dashboard platform
  • Management Reporter and MS Dynamics
  • Automated report generation

Challenge

For each subsidiary of the asset management firm, the parent finance team generates compliance reports consolidated into a master package. This involved downloading and validating intercompany balances, creating report summaries for journal entries, formatting and adjusting the data as needed then creating management reports. This extensive high-touch process was time-consuming and error-prone. Finance leadership wanted a solution to accurately and consistently generate the consolidated report package.

Solution

The solution connects to back office systems and quickly retrieves the required reporting data. It generates all the necessary reports and journal entry files. The automation uses externalized business rules to validate and format the data before consolidating the results into the master report package document. The automation notifies the team once processing is completed and the file is ready for retrieval or alerts the team to follow up on any exceptions.

Results

Increased data accuracy

Improved SLAs

Prioritization of staff to higher-value activities