Financial reporting, Closing, Regulatory reporting, Budgeting and planning
”Tagetik truly delivers a single source of truth on a single platform for all of our key financial data. It’s been a long-term goal to get there in Finance and it’s actually happening.”
Meghan Maze - Chief Accounting Officer
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The reporting at Rabobank, National Association (RNA) had become extraordinarily complex. The bank was growing rapidly. Rabobank’s finance department continued to struggle to keep pace with RNA’s growth and expanding business, technical, financial and regulatory requirements which are not just limited to the U.S., as RNA is a subsidiary of a very large international bank and is required to comply with accounting rules for Dutch regulators as well.
Existing systems could not accommodate these and other new and expanding reporting challenges. This complexity also had a negative impact on the financial close and planning processes.
RNA considered solutions offered by market leaders including IBM and Oracle, but the solutions they presented were siloed applications. Without true integration, those applications would be difficult for Finance to support and would hinder its efficiency efforts. The bank selected Tagetik because it could meet the bank’s requirements in one end-to-end solution that includes:
- Driver-based budgeting and forecasting for quicker and more frequent forecasting cycle
- An automated close process with controls, validations, approvals, workflow and status updates throughout the process
- A single financial data mart with loan, deposit, treasury, derivative and G/L data in a single, finance-controlled reporting environment
- Built-in intelligence for currency conversion, adjustments and eliminations to support US GAAP, IFRS and other reporting from one set of data
- Detailed allocations for funds transfer pricing, loan provisioning and analysis at the instrument level, allowing management to better assess individuals’ performance
- Finance-managed ETL scripts to bring in loan level data from multiple sources
- Planning and analysis of renewals vs. originations, loan cost, profitability and risk level at the instrument level
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