picture1Challenge

  • 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

picture2Solution

  • 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

picture3Benefits

  • 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

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