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Enhancing Submissions Processes Through Cross-Functional Collaboration

Context

We partnered with an ambitious finance firm to reduce submission burden and streamline their financial reporting process. Our 70-strong team delivered a simple and more transparent charging structure to encourage the use of the client’s licence and platforms, all while leveraging the benefits of market engagement. This involved the implementation of a Corefiling Portal and tagging technology, as well as new financial reporting tools. In turn, this reduced our client's dependency on legacy QMA data.

Client Challenge

The client quickly needed to alleviate the burden associated with financial and regulatory submissions. But it was being held back by:

  • Complex legacy systems: the firm needed to find less onerous solutions that were more streamlined and effective.
  • Unsuitable technology: The client wanted to introduce new technologies to make better use of their financial data.
  • Resistance to market change: familiarising the market to encourage the use of iXBRL was difficult to achieve.

Solution

To help the firm create a more streamlined submissions process, we implemented a multidisciplinary approach that focused on cross-functional collaboration and data integrity. Balancing human expertise with a phased execution of new systems, our key activities included:

  • The set-up of a dedicated team across multiple disciplines, such as Finance, Group Technology, Business, Technical and Data Analysts, Cyber Security, Legal, Service Transition, Communications and third-party technical delivery partners.
  • The development and successful execution of an initial transition state (a market-facing pilot), which was a first for the client.
  • A post-pilot solution based on continual feedback, both internal and external, which informed the client's future submission plans.
  • A third transition state, which saw the final rationalisation of QMA reports to ensure business continuity and integrity.

Results

Our scalable framework delivered successful QMA rationalisation outcomes including:

  • A 20% reduction in time and effort to the market through streamlined reserve data, reporting and oversight processes.
  • Introduction of iXBRL tagging, which can be utilised for future rationalisation programmes.
  • Successful decommissioning of legacy systems and feeds that have hindered the client’s agility and velocity to deliver to the market.
  • Implementation of a new reporting tool that enhances existing finance reporting capabilities.
  • Baselined plans for additional decommissioning of legacy systems and feeds.

All of which can be used to help the client move forward with continual market engagement and collaboration.

Is your organisation facing the challenge of legacy systems, unsuitable technology, or market resistance to change? Our recent collaboration with this ambitious finance firm demonstrates how a cross-functional, phased approach can reduce submission burden, enhance data integrity, and accelerate the decommissioning of outdated platforms.

Get in touch to explore how we can support your transformation.

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