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At BCS Consulting, we are focused on delivering complex business change projects in banking and the financial markets that exceed client objectives and deliver impressive results.

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    Cloud Hosted MI Reporting Solution for Financial Disclosures

    • Delivering a cloud hosted reporting solution to support financial disclosures for the Insurance and Finance functions of a Global Bank.

    The Brief

    As part of the implementation of an IFRS17 compliant solution to reflect insurance contracts under a new accounting standard, a Global Bank defined an integrated reporting target operating model where the multidisciplinary team of finance and actuarial resources needed a single, centralised visualisation solution to review IFRS17 results. The client required data to be sourced from multiple and disparate data sources and presented on user friendly and interactive dashboards to support analytical reviews, controls and monthly/quarterly reporting. The solution will improve agility and accuracy in producing Financial Disclosures, MI and analytics, as well as reducing complexity and operational risk through increased automation.

    The Solution

    BCS Consulting worked alongside the client’s Finance, Insurance, Transformation and IT teams to:

    • Define the architectural, functional, non-functional and data requirements to ensure user acceptance of the visualisation environment and gain approval at appropriate Design Authority Forums
    • Define and document ETL functionality in Google Big query used to perform data preparation, aggregations, FX conversions, eliminations and metric calculations before loading into QlikSense
    • Convert requirements to Agile user stories and sequence them into a comprehensive Sprint plan whilst managing international development teams through several end-to-end build, test, and deployment cycles
    • Produce a suite of 5 in-scope dashboards that supported the Bank’s Financial Disclosure process and that allowed users to interact and manipulate data from disparate systems across 9 different entities
    • Ensure strict compliance with international data handling laws and regulations in order to leverage Google’s Cloud Platform solution to externally host production data from Insurance and Finance systems.
    • Define a change management and governance processes that would enable the Insurance and Finance functions to ensure compliance to the bank’s procedures on dashboards and ensuring appropriate controls were established in order to reduce cost and operational risk

     

    The Results

    The solution will enable the client’s Finance and Insurance functions to have a proven, end-to-end solution for all IFRS17 reporting requirements via Cloud and Big Data technology. Providing this data to QlikSense will enable the demise of several effort intensive and inflexible paper-based reports and allow end-users across 9 in-scope entities to efficiently interact and manipulate previously disparate data sources in a centralised solution. In summary, it will provide the client with a cost-effective, efficient, modern and scalable solution to meet current and future reporting needs.

    For more information about our Business Intelligence (BI) expertise, please contact

    Faye Levin, Managing Director, at [email protected]

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