Tag Archives: finance function

A Case Study on Enterprise Risk Management: Allstate Inc.

In 2000, The Allstate Corporation started on an exciting and uncharted new course: to become an early insurance industry adopter of enterprise risk management (ERM). It has been a complex journey that has helped provide a deeper insight into the company’s underlying risk profile, enhanced the way Allstate manages risk in several significant ways and helped generate actions to better exploit risk opportunities.

The company’s initial effort began some years earlier at the direction of then-CFO, Tom Wilson, who established new capital allocation and valuation models for use in the finance function. Later, as Wilson moved into an operating role, John Carl joined Allstate as CFO and asked his staff what the company’s risk-adjusted returns were. A series of conversations resulted in a decision to explore developing a more quantitatively rigorous approach to measuring risk, similar to what was practiced in the oil and gas industry. Click here to read more…

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The Finance Talent Challenge: How Leading CFOs are Taking Charge

A global study, conducted by Deloitte Touche Tohmatsu and the Economist Intelligence Unit, demonstrates how leading chief financial officers (CFOs) are leveraging talent in finance to assume a more strategic role.
The study, which surveyed more than 600 senior finance executives and business leaders representing every major industry and region, reveals a disconnect between where the finance function needs to go and the talent it will need to get there. However, CFOs are developing deliberate strategies to attract and retain the right finance talent to meet strategic needs. Read More…

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A Sample Case Study on Bankhawk Analytics

The client was a plc with multiple legal entities and operating units in different geographic locations. A central treasury function was in place and the client had three pooling arrangements and multiple banking providers. Each operating unit had its own finance function. The main problem was that there was poor banking visibility at group level. The Group Treasurer had no resources to carry out a detailed analysis of banking requirements. The company was incurring on-going cost leakage and needed a new and more efficient banking structure. Click here to read more…

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The Financial Close: Optimizing Performance and Driving Financial Excellence

“Financial close” is a company’s ability to complete accounting cycles and produce financial statements for internal management and external legal reporting—and is still a key part of today’s global finance function. Do you know how to overcome the barriers to a fast, high-quality close? Discover solutions that can help you improve your close times and address the challenges of automating and testing internal controls.

In the late 1990s, companies became more efficient at closing their books and reporting financial information, but compliance regulations such as the Sarbanes-Oxley Act placed additional reporting rules on organizations. The result is often a time-consuming, labor intensive effort to ensure the quality of financial data. Companies are once again focused on improving reporting times and ensuring effective internal controls to govern the accuracy of these processes.

Why is it important for corporations to close their books quickly and with quality? Closing fast enables quicker access to financial information, which gives management the foundation for timely and better-informed planning and decision making. The fast close requires a quality close, where processes are monitored to ensure a foundation of trusted information for decision making. Closing fast also helps companies maintain a healthy image in the market, while companies that don’t close fast can often suffer in the eyes of shareholders, investors, regulatory agencies, and trade exchanges.

In this white paper, we discuss how corporate finance centers can overcome the barriers to a fast, high-quality close. By converging previously disparate disciplines of business intelligence; governance, risk, and compliance; and enterprise performance management, companies can get trusted data into the hands of key stakeholders in a timely manner. This paper identifies solutions to help organizations improve and sustain their close times and address the challenges associated with automating and testing internal controls. Read more…

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