Finance System Consolidation Risk Assessment
Business Problem
As a result of on-going and frequent merger and acquisition activities, the client had multiple finance platforms across a number of entities. There was a wide range of different financial reporting tools and systems currently in place that served many of the same functions. Processes were manually intensive and there was limited automation.
Hawkins Point Solution
Hawkins Point engaged with the client to execute an assessment of the risk associated with the current Finance system footprint. We performed a current state assessment of data flows and supporting business processes, including manual and automated activities required to consolidate financial information for reporting purposes. Additionally, the core accounting systems of select affiliates were evaluated against multiple criteria. The outcome of the assessment yielded a risk analysis, current state assessment, and a prioritized recommendations.
Results
- Simplified Accounting and ReportingBy consolidating tools and processes
- Introduced Automationeliminating highly manual, Excel-based, and error-prone activities.
- Technology AdvancementBy improving software systems and vendors
