The Company

December 13 1968 was the date on which Italease came into being as the leasing arm of Italy's "People's Banks". It became a bank itself in 1995, supplementing its existing financial solidity with the values and guarantees derived from its new status. To date, Banca Italease can call on a wealth of experience second to none, and has become the leader in the Italian leasing sector, with a market share of 19.3% and has ranked second in the Italian factoring market, with a share of 15.2%. 

Project Objectives

Banca Italease required an advanced Corporate Performance Management solution that would enable it to achieve three main goals.

Firstly, as a company it needed a single application that could help it manage the process of drafting the standalone financial statement and the consolidated statutory one for the group. In parallel, the bank needed through the project to develop an accounting plan that would comply with the new IAS standards and allow for the transfer of supervisory data—both on the statistical and solvency level—to be integrated directly into the consolidation process.

Because of the need to satisfy the informational requirements on the communication of accounting data specified under the new regulations, Italease was also eager to introduce a software that could produce reports subdivided by relevant segment (IAS 14). Finally, the IT application adopted would have to ensure full harmonization between the published financial statements and the supervisory data provided to the Banca d’Italia.

Project Scope

• ETL: the process for automatically uploading group figures from the systems supplying the data;
• Consolidation: for managing the statutory consolidation process in accordance with IAS and ITAS accounting standards and for drafting the Note to the Consolidated Financial Statement; this process also allows management accounting consolidated statements and segment-based reports to be generated in line with IAS 14 standards. The consolidation process also enables intercompany accounts to be collected and reconciled with one another;
• Supervisory: the functionality built into the consolidation process automatically generates and transmits to the Banca d’Italia the required supervisory signals, at both a statistical and solvency level, in respect of the consolidated financial statement;
• Closing and Allocation: for the preparation of the standalone financial statement in line with IAS 14 standards. This was possible thanks to the system's powerful allocation functionalities; once an individual item of data has been allocated to a segment, it is consolidated on a segmental basis.

Quote

“In Tagetik CPM, Italease found a solution that was at the cutting edge of technology and highly flexible in helping us to manage—within a single application—both the process of drafting the individual financial statement and the process of preparing the statutory consolidation for the group.”
Alessandro Milanino, Group Organization Director

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