The current business and regulatory climate presents a unique opportunity for financial services companies to revisit and transform the role of the finance function.
Companies need to strike the right balance between insight, efficiency and compliance and control when transforming the finance function. When these three issues are balanced, the finance function will be in position to transform its role within the business (see diagram below).
Additionally, companies can future-proof the finance function by moving it from a support function to a true business partner. Finance needs to be better aligned within the business and fully integrate its activities with the overall business strategy to meet the needs of both internal and external customers.
The first step in transforming the finance function is to define the finance target operating model. This will provide the leadership team, as well as the various stakeholder groups, with a clear vision of where the transformation will lead.
The next step focuses on two essential aspects; people and data. The people in the finance function must have both the correct skills and clearly defined roles. Also good quality data is critical in helping to achieve efficient processing as less manual remediation is needed.
With the continued focus on financial services globalisation, our clients are increasingly requesting global teams with varied skill-sets to help them in their finance transformation programmes. Our extensive global PwC network has the experience, skill-sets and geographical coverage to help with these large and complex change initiatives.