John Hancock / Manulife
disclosure management, Financial Reporting & Consolidation
"We have a great working relationship with Tagetik. The team is very hands-on and continues to work closely with us on ways to refine our processes and further optimize the solution. Tagetik allows us to continuously monitor the data with built-in checks and significantly reduced the amount of manual entry to about 5 to 10%.”
Jeff Nataupsky - Vice president of financial reporting & controls
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Manulife, a leading financial services group based in Canada, acquired U.S. insurance leader John Hancock in 2004 to become one of the largest insurance companies in the world. Challenges included multiple reporting requirements and a reliance on manual processes.
In September 2011, the company formed a project team to identify a set of goals and begin the search for an automated reporting solution. The team’s overarching objective was to simplify the financial reporting process. A critical goal was to create one source of the truth for producing all financial statements. The reporting solution also had to integrate with Lawson’s general ledger system. In addition, the project team wanted to ensure consistency and standardization across all financial reports without error-prone and time-consuming manual work.
In March 2012, the team documented and reviewed business requirements and implemented Tagetik in a test environment. Next, the team began testing, building reports and training. The company also established a working group of super users, including IT and financial reporting personnel. In May 2012, Tagetik software was officially implemented. Leveraging the existing Lawson general ledger system and Essbase database management system, the team created a second data mart so that all financial information could be uploaded into a central repository. Over the following months the project team focused on generating nine reports, which included multiple sets of audited U.S. GAAP statements (two of which are filed with the SEC), audited statutory reports which are filed with insurance regulators and National Association of Insurance Commissioner (NAIC), and unaudited footnotes included in regulatory filings with insurance regulators and NAIC.
“We set pretty ambitious goals to get all nine of these reports up and running, but we wanted to quickly take advantage of using all Tagetik Disclosure Management functionality that we could,” said Nataupsky. “Within six months, we had trained staff, created all requirements and started generating financial statements.”
In early 2013, the organization began using Tagetik for additional John Hancock reports, including multiple sets of management discussion and analysis (MD&A) required by the NAIC and insurance regulators as well as internal quarterly management reporting for the audit committees and board of directors. By the end of 2013, 96 people at John Hancock were accessing the Tagetik software and the finance team was producing reports involving three different basis of accounting methods and 15 legal entities. In addition, Manulife began using Tagetik to produce its annual and quarterly interim financial statements. By early 2014, Manulife was also using Tagetik for the MD&A in its quarterly reports to shareholders and for its press release.
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