Hitachi Consulting UK has implemented a cost operations shared service centre (SSC) model on behalf of Swiss Re designed to provide consolidated expense processing and reporting for the company’s US and UK entities. Known internally as BOOST (BIS & Oracle Operations Standardisation), the project was based on Oracle enterprise resource planning (ERP) financials, and designed to control overheads, increase efficiency and simplify data reporting associated with intercompany recharge process.
The new system replaces multiple policies and procedures and simplifies complex processes that required streamlining, involved numerous resources and lacked cost transparency.
“Hitachi Consulting created a cost operations shared service centre model by creating two new operating units for our US and UK entities,” said Thomas Wright, IT director of L&H finance processes for Swiss Re. “As both the US and the UK entities were moving towards a new standard chart of accounts, we needed a set of books for each. Hitachi Consulting created the technical delivery plan, application set-up, technical specifications and components, as well as the strategic project plan to ensure a smooth delivery of our new consolidated operations.
“Before this project, we’d have many expenses from different sources and entities, and our accounts would have to know the cost centre structures, codes and expenses in order to effectively process them. Hitachi Consulting enabled us to view a single standardised set of accounts. This has not only streamlined our internal efficiencies and processes, but also significantly improved our management reporting and insight, giving us trustworthy and meaningful data from a management information perspective,” he added.
Hitachi Consulting worked collaboratively with Swiss Re to develop two standard system and process platforms with harmonised financial processes incorporating BIS and Oracle. Hitachi Consulting also helped centralise cost operations into a single service company model, standardise the processes around global expense policies, procedures, and reporting transparency, and eliminated manual workarounds.
UK firms investment in training and development will increase, on average, by a fifth in the next year, claims Robert Half recruitment after interviewing 100 financial services (FS) executives.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.