Case Study

Process optimisation and automated accounting for a tier-1 global Bank ​​

Digital & Automation | Banks | London

The Background

  • A tier-1 global bank wanted to automate a core accounting process which required data collection from many hundreds of individuals across the globe

  • This data had to be reviewed and turned into accounting entries for posting once approved

  • Impacted businesses wanted to see the impact on P&L to enable tighter decision-making loops

The Challenge

  • Existing entirely manual process involved the population of spreadsheet templates which were then manually reviewed

  • These reviews typically failed due to poor data quality requiring multiple loops to get the calculation inputs

  • The accounting journals were calculated from the individual spreadsheets and posted meaning the P&L impact was only visible after a full month-end run

  • Review and challenge after the close period resulting in considerable management attention

The Approach

  • Implementation of a cloud-based Appian workflow to capture the required attributes with built-in data quality checks and validation

  • Validation and lookups (such as system reference codes) enforced at entry point removing the need for repeated data checks later in the process

  • Implementation of a materiality threshold for manual review and approval of the data, ratcheting up the threshold as confidence grew

  • Automated generation of the posting journals and central collation in a visualised portal to assess total P&L impact prior to posting

The Impact

  • 12 week total project time from initiation to go-live successfully rolling out to global user base

  • Elimination of the dedicated process team reducing operational costs by $1m per annum and remaining tasks absorbed into other roles

  • Move to random sampling and large item review positively received by auditors

  • Positive relationship boost with business as review and challenge process moved to pro-active rather than re-active and gave time for course corrections

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