Transforming finance at a major defence industry player

The Issue

A global AD&S group was concerned that its newly implemented programme of governance and financial controls was not being consistently applied across its wide network of federated divisions.

The group’s senior management asked PwC to investigate the effectiveness of the implementation and address any inconsistencies.

Our Approach

PwC put together a team comprising Risk Assurance, Performance Improvement and Assurance.

The team interviewed key stakeholders across the group and identified a number of obstacles to the effective implementation of the programme including:

  • programme implementation differed between business units
  • regional offices had autonomy to decide how controls were documented
  • the testing process varied significantly from business to business, frequently conflicting with the work of internal audit.

In collaboration with the group, PwC used the knowledge gained to produce a financial controls framework which provided the different parts of the group with sufficient scope to adapt the process to their business requirements while ensuring overall compliance and accountability.

The team then met with key stakeholders to explain the proposals and address any concerns.

The Outcome

The new controls framework has been rolled out and implemented across the group’s global network. PwC continue to work closely with the group to support the project.

The group’s management were impressed with the level of insight the PwC team had obtained into the cause and nature of the issues experienced.