The Consolidator Handbook



"As you may already be aware, Tagetik has a strong focus on the Financial Services industry and our customers include some of the world’s biggest names as well as many regional and boutique firms. We have developed specialized solutions for key Performance Management topics of interest such as Bank Balance Sheet modeling and Solvency II.

Today we are going to hear from UniCredit, one of the world’s largest banks, based in Milan with operations throughout much of Europe. Luca Maida is the Project Management Officer (PMO) in charge of several Performance Management efforts at UniCredit and he has provided us with a recipe for a successful Consolidation project".

 

John M. Engelbrecht - Account Executive in Tagetik North America

 


The consolidator handbook

 


Everything you need to know to implement a consolidation solution for a group with nearly 1.000 companies

 

My name is Luca Maida. I am head of Global Consolidation & Modeling for The Office of the CFO and have been in this role since 2010. I am in charge of Data Governance for the Office of the CFO’s Consolidation System and as PMO I Lead several Tagetik CPM projects ranging from Accounting to Planning, Profitability to CRO, Weekly Dashboards, and so on.


Being the PMO of a complex consolidation project is a lot like being a Master Chef. You need to find the perfect mix of ingredients, spices, condiments, garnishes and equipment in order to achieve the desired results. Your job can be infinitely easier when you have a strong working knowledge of your company and if you follow this guide step by step.


Let’s keep with this metaphor and, in the end, take time to enjoy the wonderful dish that we have created.


Ingredients:

  • A strong software solution
  • 1.000 companies (in 17 different countries)
  • 8.500 branches
  • 147.000 employees
  • Multiple currencies
  • Nearly 4.000 users
  • Approximately 40 million records stored each year
  • Approximately 200 processes delivered each year

 

 

The consolidator handbook

 


Step 1 – Find a Strong Sponsor

At every step you will find opportunities for improvement and processes to optimize. People are generally resistant to change so you will need strong support in order to effect the necessary changes to achieve your desired results.


Step 2 – Define and build a Three layer Competency Center

1. IT Team - In charge of infrastructure setup and the information exchange with other environments. 
2. Central Competency Center - In charge of strategic guidance, process design and ongoing management.
3. Functional Partners - Each one addressing specific functional needs.


Step 3 – Define and build a strong Data Model

Design a strong Data Model to satisfy your present  as well as your anticipated future needs. Develop contingency plans to address the inevitable changes as your business, legal and regulatory frameworks evolve.

 

Step 4 – Fine-tune your Recipe Day by Day

Stay focused on your ultimate goal and do not settle for modest gains.
Strive for continual improvement challenging your team and yourself to deliver significant enhancements with every new release.


Step 5 – Enjoy your dish

Taste your dish yourself then have others taste it as well and collect their feedback.
Every step is a learning experience and a key building block toward your ultimate creation. Learn from any mistakes along the way so that you can do even better the next time.

 


Tagetik CPM software for Consolidation



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