Chesapeake System Solutions, a provider of integrated financial governance, risk management and compliance software solutions to the world's foremost enterprises, today announced that Bellingham, Wash.-based Sterling Life Insurance Company, a nationally recognized provider of a family of insurance products, recently implemented hosted versions of its entire suite of software solutions as part of a comprehensive treasury management strategy.
Chesapeake's T-Recs Enterprise provides Sterling a total financial control framework. Currently, it is reconciling cash accounts plus related cash-clearing accounts. Sterling anticipates bringing on non-cash general ledger accounts as well. Relative to Chesapeake's SmartTreasury, Sterling is using the software to retrieve daily bank account activity, analyze daily cash positions, initiate electronic cash transfers and prepare a daily feed of all cash activity. SmartAnalysis is enabling Sterling to better manage its banking relationships by confirming the appropriateness of banking charges and comparing its fees to banking averages. Finally, Chesapeake's Unclaimed Property Compliance System (UPCS) is managing claim payments made to health providers, returned policy premiums and accounts payable payments to vendors.
Marty Catron, Sterling's Vice President of Finance, says, "We researched several treasury management vendors and concluded that Chesapeake's comprehensive suite of solutions fully satisfied our treasury management needs."
Catron continues, "T-Recs Enterprise's complete governance framework was a decisive factor. As a subsidiary of an international company, Sterling must comply with myriad operating and compliance requirements. In addition, Sterling will be required to comply with the Model Audit Rule effective January 2010. T-Recs Enterprise allows us to streamline our processes, replace manual controls with system controls and provide more accurate oversight and review over the reconciliation process."
Peter Vogelberger, Chesapeake's CEO, says, "Financial governance, compliance and risk management present formidable challenges to today's corporations, whether national or global in operations. Integrating sound business processes with technology is the only way to meet these requirements in a comprehensive, economical way. In choosing T-Recs Enterprise, Sterling has opted for a complete governance framework that will deliver not only visibility and control to account reconciliation, risk management and compliance functions, but also simplify financial data reporting, workflow management, financial oversight and close, ultimately saving the firm both time and money."
Vogelberger adds, "Concurrently implementing our other software solutions-SmartTreasury, SmartAnalysis, and UPCS-demonstrates Sterling's commitment to excellence in all of its financial processes and a strategic vision that places value on maximizing financial assets and increasing operational efficiency."