SEI was engaged by a Large Financial Services Firm to analyze and optimize current state processes and controls as part of a global cash management strategy at a large financial services firm. The initiative fell within the corporate accounting division of the finance department and overlapped multiple ongoing projects with similar designs to increase operating efficiencies, while maximizing financial controls.
Steering the project’s success, SEI identified multiple recommendations for process improvement and enabled the cleanup of banking accounts worldwide to ensure proper disclosure of cash and deposit balances on the corporate balance sheet.
Through this engagement, the client has accomplished the following key objectives:
- Optimized business process of setting up trading and accounting subsystems in order to ensure appropriate mapping from local sub-ledgers to the consolidated corporate general ledger
- Ensured sub-ledger cash accounts are correctly and consistently mapped to local and consolidated general ledgers across the corporation
- Validated that all intercompany account balances are properly consolidated and eliminated across multiple financial data systems and sub-ledgers globally
- Ensured database reconciliation to the consolidated corporate balance sheet is complete with no significant unresolved reconciling items by devising, building and implementing short and long-term detective controls
- Validated significant exceptions are identified, assessed, and given proper disposition by appropriate levels within the corporate financial division