Industry: Financial Services
Scope: Software Evaluation, Design and Implementation – Cloud-Based System
With the rapid expansion of this investment management firm into new lines of business including investment banking and insurance, reporting requirements grew in both size and complexity. To address its future reporting needs, the current financial system (Great Plains) and financial reporting tool (GEAC Comshare) needed to be replaced.
In addition, due to the complexity of its legal entity structure, including numerous joint ventures and minority-interest entities, along with foreign exchange transactions, an automated reporting tool was needed to consolidate financial results and report on them more efficiently.
As the Business Project Lead, CTS provided a financial services industry-experienced Project Manager with significant capital markets background to assist with documentation of current processes in order to capture current state and to define future business requirements to support the software selection.
Once the new cloud-based software application was selected (Workday), CTS supported the full life-cycle implementation of this tool, including re-design of the Chart of Accounts and other business processes, documentation of internal controls, user-acceptance (UAT) & systems testing, and end-user training.
Concurrently, the CTS team is supporting the management reporting team with its migration to Hyperion Financial Management (HFM) reporting tool and an Essbase business intelligence tool. Significant data clean-up was performed to facilitate data conversion, along with documentation of standard operating procedures. The financial system project design to go-live was completed ahead of schedule and under-budget due to the efficiency of experienced CTS team, in collaboration with the internal staff.
In a parallel workstream, CTS also provided hands-on report design expertise to automate short-term reporting processes until the new, long-term solutions were placed into production.
Other CTS Services Provided:
Asset Management – Investment Operations
- Back-office optimization
- Develop and document standard operating procedures
- Interim staffing
Internal Controls – Project management
- SAS 70 & SOC-1 readiness and reporting
- Perform risk assessment
- Documentation of key controls
- Perform testing
- Liaison to external auditors