Improving enterprise performance management architecture

Challenges banks and insurance companies are facing today

Insurance entities and banks often rely on a mix of systems, tools, models, spreadsheets and legacy solutions to perform calculations and prepare reports.

Such complex architectures can be difficult and costly to maintain, with continuity often dependent on a handful of key individuals who possess the necessary knowledge.

A weak audit trail, coupled with repeated challenges in demonstrating accuracy and completeness, frequently leads to critical questions from auditors and regulators.

Our vision: a best-in-class architecture

External and internal requirements for deeper insights and faster closing will only increase.

To comply with regulations, stay competitive, and empower Finance and Risk teams to act as true business partners, we firmly believe that insurance companies and banks need a robust, data-driven, and integrated finance and risk architecture.

Key aspects of a best-in-class enterprise performance management architecture

• A single source of truth data-platform that enables ingesting high volumes of granular data
• An integrated reporting environment to generate reports
• Strong scenario analysis and stress testing features
• A robust framework to ensure data-quality and data-governance
• Strong features to allow for effective collaboration
• Modern (generative) AI features to support the work within Finance and Risk
• Maintainability

How to make it happen

There are many vendors and tools on the market that offer point solutions addressing one or two of these aspects.

Having worked with multiple providers, we have explicitly chosen to support CCH® Tagetik because it addresses all these requirements within a single, intelligent platform.

Working from the one platform CCH® Tagetik solution has countless advantages. To name a few:

• Data resides within a single system, reducing the need for multiple data transfers
• Data is validated early in the process, uncovering potential issues at an initial stage
• Reports are generated automatically, eliminating the need for manual creation
• This leads to faster work, improved quality, and reduced reporting costs
• Enhanced oversight of the entire reporting process
• Improved audit trail and greater transparency
• Improved continuity with less dependency on key individuals
• Simplified maintenance by having to manage only one system
• Finance and Risk teams gain more time for financial and actuarial analysis

How we can help

We can support you with:

• Advising on your organization’s Finance and Risk enterprise architecture
• Designing architecture and implementation plans based on proven best practices and lessons learned
• Implementing CCH® Tagetik tailored to your specific needs
• Providing ongoing functional application management and support services