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 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.
Finance is the driver of decision support information needed to create a performance culture. The role of finance expands from being solely the traditional 'scorekeeper' to a more value adding function. It is not just about making sure the right systems, processes and data are flowing in and out of the business, but that it drives the desired behaviours and culture. An enterprise performance management (EPM) programme is at the core of this.
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.