Finance Function - insight

Financial services companies need to put effective financial, operational and risk management information at the heart of their decision making. The finance function is key to enabling this.

When organisations refine their business strategies to succeed in this tough and complex market, CFOs need to be confident that they are bringing their whole organisation with them, in the same direction and at the same pace.

Financial services companies have a lot to benefit from insightful information, as data challenges are widespread in this sector due to a myriad of systems, the rapid paced innovation of products and changes in global markets. The increased level of regulation such as Solvency II and Basel III also means that many finance functions struggle to provide the necessary insight as they concentrate on compliance.

One way to provide real insight is to convert the high level strategy into tangible metrics. These metrics can be planned, measured and forecast into the future to be used to set targets and objectives for teams and individuals. Companies need to turn strategy into something meaningful that can filter down through all areas of the business.

When a business is performing at its best, everyone in it is adding value. One approach of using information to achieve this goal is to have a good enterprise performance management (EPM) programme.

This can be used to make positive decisions and to create a performance culture very different to that of the traditional 'scorekeeper' role played by finance. It is not just about making sure the right systems processes and data are flowing in and out of the business, but that the right behaviours are in place to support it.

Our team of experienced practitioners are helping a number of financial services companies establish EPM programmes and develop the management information frameworks necessary to succeed in today's market.