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Rochelle’s Web Cast Takeaways
R2R Transformation:Aon’s Journey to a Utopian Close
These are my Key Takeaways from a
members-only web cast that took place on
9 November 2016
R2R Transformation: Aon’s Journey to a Utopian Close
Facilitators: Shiran Ranasinghe, Finance Director, EMEA Financial Shared Services Centre, Aon
Lloyd A Dunckley, Finance Director, Global Finance Centre Tools – Strategy & Deployment, Aon
Watch the full web cast and download the slides here!
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BackgroundAON’s Krakow Centre of Excellence set forth on a vision to assume more value-added Financial Planning and Analysis (FP&A), complex accounting and global tax and treasury responsibilities.
To support this vision, the team executed a project to optimise their close process and implement a solution to provide greater insights for decision-making.
BackgroundTheir objectives included increasing global visibility in compliance and risk reporting, streamlining processes and developing clearer ownership.
The team set out to design a reconciliation strategy to increase control, consistency and quality in their close process.
The following are a few highlights from Lloyd and Shiran’s insights and our group exchange.
1‘Ethics is our Oxygen’ – needed to implement a solution that empowered
strong controls and full transparency.
2Automation provides more
than just a discipline. It supports the ability to challenge status
quo. The level of visibility into the process allowed the team to question why certain activities occurred on Day
Three that didn’t have dependencies and could be executed on Day One.
3Open item tagging and
matching engine functionality was a key
enabler to streamlining the process.
4Real-time visibility into the pulse of the financial close and status of open actions
was a key benefit for managers and stakeholders.
5Internal auditors no longer need
to be on the ground in the countries were work is
performed. With all the data and supporting evidence stored in a single
tool, the audit process is centralised and automated, which also provides an
effective plan for Sarbanes-Oxley sections 302 & 404 compliance.
6Self-assessments are
completed in the QA module with pass/fail scoring and
storing of samples and outcomes which reduced
duplicate work and the number of self-assessment required.
7Controls became more
preventative and proactive – the true goal and measure of
sound compliance and risk reduction.
WANT TO LEARN MORE?
Check out the presentation slides and recorded version of the web cast for further details.
ONE LAST THING…
You’ll need your Shared Intelligence login details to watch the web cast.
Can’t find them? No problem. Email [email protected]
and we’ll be glad to assist you.
