CASE STUDY | FINANCIAL SERVICES | FP&A

Decision Inc. delivers an automated financial consolidation and reporting solution for Citadel

Solution Overview

Industry

Financial Services

Solution

Board Intelligent Planning Platform 

Client

Citadel is a Wealth management specialist.

Requirement

Provide Citadel with a solution to produce financial and managerial reports within a single system. 

Location

Guernsey and South Africa

Results

Faster Time to Insights

Improved Decision Making

Enhanced Collaboration

Increased Efficiency

Reduced Risk of Error

The Requirement

Wealth management specialist, Citadel, approached Decision Inc. to provide them with a solution to produce financial and managerial reports within a single system.

The business processes and operations related to financial consolidation, month-end close and management reporting were identified as areas that could be optimised through better use of technology and the elimination of manual data capturing and management. Decision Inc. was asked to optimise and modernise this process by using the latest technology and allow the team to focus on analysis, rather than manual preparation of financial statements and reports.

apexbuilding

The Solution

Decision Inc. spent time reviewing Citadel’s business processes and held workshops with key stakeholders at Citadel. They identified the Board Intelligent Planning Platform as having the capabilities to automate the financial consolidation of Citadel’s complex group structure.

Board is an Intelligent Planning Platform (IPP) that integrates strategy, finance, and operations, enabling full control of performance across the organisation. By unifying business intelligence (BI), corporate performance management, and predictive analytics, the Board platform allows companies to produce a single, accurate, and complete view of business performance.

Decision Inc. implemented Board for Citadel and the following four key functions were configured according to Citadel’s own business rules:

Admin

The admin capsule is used to configure the consolidation parameters for a specific period and scenario. These configurations include user capabilities, application controls, workflow, account settings, organisation setup and validation rules.

Reporting

The reporting capsule visualises all the internal reports. These reports include income statements, the balance sheet, notes, and management accounts.

Process

The process capsule runs through all the required consolidation tasks to take the unconsolidated trial balance values to consolidated figures used for reporting and disclosure. These tasks include data collection, exchange rate tables, currency translations, intercompany reconciliations, adjustments, eliminations and balance carry forward.

Audit

The audit screen is used to review changes and updates made by users. This allows Citadel full transparency over the consolidation process.

The Benefits

By doing away with the time-consuming, manual tasks traditionally associated with the financial consolidation process, Citadel can now perform both legal and management consolidation in less time.

The single database approach ensures that Citadel reports represent an integrated version, allowing multiple users to work on the consolidation simultaneously, with reduced risk of error.

 

Citadel Investment Services Proprietary Limited is licensed as a financial services provider in terms of the Financial Advisory and Intermediary Services Act, 2002.

year logo colour ()

We will gladly help you with your financial consolidation systems today.

ABOUT DECISION inc.

Decision Inc. is a global leader in information-driven transformation with a core focus on data, digital and performance intelligence.

Our expertise in technology and industry specialisations has enabled us to help companies around the world make better decisions faster.

Our emphasis on local excellence and global scale enables us to bring clients best-of-breed technology solutions that enable significant improvement whilst leveraging our Global Research and Innovation teams to accelerate the time to insight. Our local consulting teams are experts in the implementation, support, and execution of these solutions and work with our clients to deliver real results and improvement.

CONTACT US

Fill in a Form

WHAT WE DO

Our Data Solutions