A tale of paper trails
Having pioneered their business processes in the early years of the last century, the firm was faced with a “new world” where ever-changing accounting standards, legislations and regulations challenged the efficiencies of their processes. Some of these included
- The current slew of IT platforms and tools were falling short of the intended process efficiencies especially with the increased data loads
- Heterogeneous software systems and formats across the various geographies that the teams operated in caused data inconsistencies and reporting issues
- The resilience on traditional paper trail based process and its lack thereof of efficient coverage had resulted in quite a few fallouts resulting in business setbacks
Orion’s teams were engaged to design a platform that would primarily automate & standardize the business process across all geographies for the firm. This demanded an evolution in the audit execution process to restore investors’ and regulators’ confidence by improving overall quality and efficiency of planning, governance, coverage, risk assessment and testing.
Our solution – Defining Data & Knowledge driven process automation
Orion’s teams, in collaboration with the customer’s teams, defined the strategy to introduce digital automation to eliminate the paper based processes and standardize the process across all geographic teams. Starting with understanding the methodologies practiced by the globally distributed and diverse personnel, Orion’s teams designed an information technology ecosystem that combined elements of continuous delivery and feature additions / improvements. This ecosystem has evolved over the last 10 years or so to incorporate advanced data analytics and automation building blocks to provide a standardized user experience across all geographies and teams.
Standardizing the business process, a step closer to achieving quality – Orion introduced an automation of the different workflows catering virtually to all business models ranging from small-medium businesses to large multi-national conglomerates. Along with a suite of supporting upstream and downstream applications in 2008, Orion built state of the art Operational Support Tools and a workflow authoring system to ensure rapid development of custom workflows and its seamless integration with the mainstream application framework.
Climbing the Analytical value curve through data discovery
Knowledge around international regulations and standards was key to identifying common patterns and programming them into reusable building blocks. Orion simplified the execution process by architecting industry Knowledge driven workflows (business rules in a logical flow) that automated the processes which otherwise would have taken a barrage of time consuming, laborious and intense questionnaires.
Additional challenges addressed using advanced data analytics and modelling included:
- Ensuring full (100%) coverage of enterprise data analysis.
- A rules based artificial intelligence engine to support constantly changing regulatory rules and big data processing enabling the business teams to make data-driven decisions
- Generalized workflow templates and building blocks that allowed continuous evolution of the platform and the ecosystem at large.
Business value adds and benefit
- Assured compliance with set by boards across geographies
- Increased quality of results with the implementation of automated validations and triggered alerts
- Improved efficiency especially in larger engagements
- Reduced need for training and specific functional skillsets as a result of standardization and process automation
- Substantial savings in planning and risk assessment for continuous improvements in business processes with year-on-year roll-forward
- Ability for team members to work collaboratively and even review status in offline mode
- Attain higher economies of scope by extending the platform to other businesses and industry verticals
- Improved visibility across the corporate structure to track issues, risks and progress.
Multi-national financial services firm with member personnel and offices in over 150+ countries.
Tools and Technologies:
Reduction in time spent
Cost savings in