Financial Transformation & Product Control
Improving Finance is a multi-year initiative and has become the number one priority for both CFOs and CEO’s as shareholders, regulators and auditors strive for greater transparency and integrity of the business. Few Finance functions are equipped to tackle the scale of change required on their own which creates an opportunity for VirtusaPolaris to capitalize upon. A Finance Transformation practice which builds on the current knowledge base to add additional services will be accretive to revenues.
Differentiation from the competition will come from VirtusaPolaris’ ability to execute better. Factors which will make us successful relative to the competition:
- Industry expertise and having people who worked in “line” functions which, provides us credibility with clients.
- Providing an independent fact-based view to a client’s problem.
- Leveraging our firm wide knowledge base to deliver the best solution
- Working as part of the Finance team to build internal support with our clients, get to real issues, and reach practical recommendations.
- The quality of our work.
The Finance Transformation practice is organized by service offerings which each having their own service leads.
The Finance Transformation practice encompasses 6 service offerings:
- Finance Strategy
- Finance Operating Model
- Finance Function Design
- Finance Systems Implementation
- Financial Control
- Finance Shared Services and Offshoring
We help Finance be an equal partner in the formation of corporate strategy and provide the intelligence, analysis and insight necessary to support the corporate vision for growth and profitability. Our service offering includes:
- External and Internal situational analysis
- Competitor analysis
- Capability assessment for technology, applications and organization
Finance Operating Model
VirtusaPolaris combines its capital markets expertise to help clients design their target operating model. The target operating model describes how processes, people and systems could be organized to achieve optimum efficiency for the future business and identifies where to prioritise change activity to achieve the greatest benefit. This includes:
- Assessing limitations of current operating model and potential for improvement
- Defining principles to define the future operating model
- Defining the target operating model and implications for each business.
Finance Function Design
Our consultants utilise their accounting, organizational and technical skills to help enhance the core transaction processing and reporting competencies of the finance function, while strengthening its ability to support management decision-making and corporate strategy.
Some of our services include:
- Finance processes analysis to identify performance gaps and issues.
- Developing and implementing finance controls, factoring in all relevant business, regulatory, governance and internal control requirements.
- Designing integrated finance organizations, including mapping of roles and responsibilities of corporate, business unit, and shared service finance groups.
Finance System Implementation
At VirtusaPolaris we help clients define their Finance systems architecture and data requirements. We work closely with Clients to define the Finance business architecture from which the application architecture can be defined. We have an established architectural framework to map systems to architectural components and from which we can define strategic options
Our services include:
- Requirements Capture
- Functional Definition
- System selection
- Finance Data Warehousing and business intelligence implementation
Financial and Product Control
We can assist with ensuring controls are in place and bring best practice from our experience of working with other clients. Our offering in this area includes:
- Assessment – perform a risk assessment and analyse the current internal control environment at the corporate, business process, and IT systems level
- Controls improvement - implement recommendations to optimise controls, i.e. address gaps, rationalise, automate and standardise controls
- Process improvement - identify opportunities to improve existing business processes, systems and controls which will reduce cost, improve risk management and drive real business benefit
Finance shared Services and Offshoring
Our service offering includes:
- Defining a sourcing strategy that meets the needs of Finance and the Business
- Building and documenting the business case that defines the benefits and risks
- Developing an appropriate Shared Service operating model e.g. global vs regional centers