Business Control Solutions (BCS), provider of management consultancy services and financial control software to the financial services sector, today announced that a leading global investment bank has selected BCS Integrity following a competitive tender.
In a global implementation, the centralised web-based platform will manage and standardise the bank's balance sheet control process - driving down costs, while delivering increased transparency and assurance.
Prior to selecting BCS Integrity, the bank used an internal system for balance sheet attestation, which no longer provided adequate, meaningful information or the necessary context about the status of the account balances. Following a comprehensive tender process, BCS Integrity was selected from a shortlist of four, which included an option to develop a system internally. BCS Integrity was chosen due to its proven functional strengths and scalability. Initially, the solution will be used by the bank's operations employees and will manage balance sheet account ownership, balance assessment and account attestation. The second phase of this project will see the platform rolled out to the finance department, where it is expected to be used by more than 1,000 employees across multiple geographic regions.
Paul Brock, CEO of BCS, said: "The vast majority of banks today are limited to manual, silo-based processes. Such processes struggle to scale and don't provide the level of control and transparency that is becoming an increasing requirement of financial organisations globally. By implementing BCS Integrity this institution will gain a fully integrated, cross-functional financial control framework, which will provide real-time P&L, trend and risk reporting across all balance sheets and accounts. Not only will this considerably reduce operational risk, but it will also lead to more efficient and effective balance sheet attestation. This is an exciting opportunity for us to deliver our financial control solution to another global investment bank."
The implementation of BCS Integrity is expected to take just three months. A pilot study has already been successfully carried out and implementation will continue from this point.
Adrian Somerville, managing director of software products at BCS, commented: "With hundreds of thousands of accounts to control, effective balance sheet account attestation is essential. Through its use of BCS Integrity, this bank will gain an early warning of any potential issues or high risk balances, while ensuring visibility, accountability and ownership of account status. Moreover, the second stage of this project will unite its global operations and finance departments through a single source. It will enable the bank to report globally, while still meeting local requirements."
BCS Integrity provides a consistent, financial governance framework over the entire balance sheet and account attestation process. It enables access to multiple data sources and formats. By consolidating the balance sheet process from all areas of the business, BCS Integrity delivers a single, consistent reporting structure. The account ownership functionality eliminates ambiguity and ensures that a named owner is allocated to every step in the sign-off process. It incorporates a controlled workflow for users, managers and financial directors to highlight concerns and make decisions based on timely information.