Challenge
- Start up under insurance company parent
- Diverse business holdings
- No standard consolidating Chart of Accounts (COA)
- No standard product/services data for analytics
- Timing differences between Management and External Reporting
- Ownership percentages changing periodically as additional investments are made
- Existing consolidation process was MS Excel based
- Gaps in business and consolidated reporting data
Solution
- Create a single Hyperion Financial Management (HFM) instance
- Create one common chart of accounts to incorporate all business holdings
- Create Product/Service reporting for all business holdings
- Utilized Business Rules driven scenarios to account for timing difference between Management and External reporting
- Financial Data Management (FDM) data loads from standard data extract files
- “Org by Period” application with rules driven Non-Controlling Interest and Elimination/Consolidation calculations
- Roll forward account detail capability on all balance sheet accounts
- Rolled out to business groups for financial reporting and analytics
The solution has been running in production since 2007
Benefits
- One version of the truth
- Easy to use, self-service reports and dashboards for consolidations, managers and analysts
- Flexibility to view reporting by product/service line or geography
- Consolidated reporting in in seconds, not hours or days
- Ability to “drill-down” into sub system information for more robust analytics