Case Study
Old Mutual Group Financial reporting compliance See how our financial reporting controls solution has significantly reduced Old Mutual Group’s exposure to operational risk.
The Challenge Old Mutual Group Plc is a FTSE 100 listed savings, protection and investment group based in London and operating in 34 countries. In May 2007, they launched a group-wide finance programme, ‘Finance 2010,’ in response to their rapid growth and the increasing demands of external reporting.
What did OMG have to say? “The Finance Control Tool (FCT) has enabled us to deliver a
One of the principal goals of the programme is the Financial Control Initiative (FCI). The
strengthened culture of risk and
aim of FCI is to enable better financial information management and ensure against financial reporting errors, thereby mitigating regulatory compliance risks. To achieve
control consciousness across
this, the Group needed to implement highly secure, risk-focused systems and processes.
Old Mutual and the impact
The framework for the FCI consists of an ongoing cycle of assessing the risks inherent in
and benefits of such a cultural
financial reporting, gathering evidence that appropriate controls are in place, confirming
mindset will facilitate the pursuit
that they work and demonstrating that any breakdowns in controls are being addressed.
of best practice and efficiency,
Management needed access to real, reliable financial detail and wanted the tools to
ultimately
help them do this.
do not materially misstate our
Following recommendations from Deloitte and Touche, Old Mutual entrusted Content and
financial reporting numbers. FCT
Code to join forces and help deliver the right risk management solution together.
is now a repository for our risk and
The Solution
controls
enables
Content and Code custom-built a web-based Financial Control Tool (FCT) for Old Mutual
ensuring
an
that
documentation, assessment
• Dashboards to enable any individual in the organisation to access information pertinent to their role
enables us to report accurately and efficiently on the quality of our controls.”
• Group-wide risk calculating to assess the risk for any part of the group at any time • Integration with Qlikview to facilitate more sophisticated reporting • Self-generated task lists for individual employees to ensure better management and control of tasks
Sean Retief Finance Systems Development and Support Manager Old Mutual Group
• Multiple security levels to provide maximum security of information and data while restricting users to role-dependent subsets of information • Connectible web parts to allow for filtering of information
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