How to make controls a competitive advantage in your Finance systems transformation

This starts with breaking away from traditional language based on regulatory guidelines and specialist terminology that only furthers the isolation of Controls. Think Business, think benefits. Controls needs to get a seat on the transformational table from day 1 and changing the mindset is essential in getting there. A scalable solution will require alignment with the Operating model areas like E2E data design, Technology solutions, Reporting considerations and People capabilities, so think E2E with controls embedded from the beginning.

Even one simple change, such as building the first test of automated control, into the UAT period can significantly reduce total cost to the organisation, so imagine the payoff of thinking through E2E control benefits.

It’s impossible to predict the future so building technology that solves all future problems is not realistic; you need the right capabilities to drive continuous improvement.

Start by embedding key Finance and Controls stakeholders in the transformation programme. Use their priceless business knowledge to design controls and processes that operationalise the benefits into your BAU and seamlessly integrate technology and people.

Recent finance trends show that, skills and capabilities need to move beyond technical control expertise to a more balanced skillset that includes business context, stakeholder management, data analytics, horizon scanning and strategic thinking that builds collaboration across the organisation. By building these capabilities into your transformation programme you can embed a culture of continuous improvement and a forward-thinking mindset.

This isn’t a simple ‘lift and shift’ exercise from one toolset to another. Many businesses that have implemented a system have subsequently asked us to help them ‘untangle the wires’. Cloud based developments have further re-enforced the need to adopt a level of standardisation as part of the Software as a Service constructs. Customisations are therefore no longer possible, which has driven a healthy level of challenge on ‘as-is’ conventional wisdoms to drive out chunky add-ons, hidden logic and key person exposure on the workarounds and handovers.

Today’s smart systems come with powerful functionality built-in controls, workflows, MI dashboarding, reporting, artificial intelligence and machine learning features. As a rule of thumb, embrace what’s available out of the box: adopt not adapt.

Understand the art of the possible by showcasing all the functionality of the new technology. Demonstrate use cases and industry best practices to make it real. Armed with that knowledge, critically assess the E2E processes and controls to eliminate unnecessary activities, and release capacity.