UniCredit Group
Unicredit Group implemented CCH Tagetik’s software solution for Consolidation, Management, Statutory & Regulatory Reporting, Budgeting & Forecasting
Download the complete case study
The challenge
Unicredit Group has implemented corporate performance management (CPM) to manage, with a single solution, the group data collection and consolidation of regulatory reporting, management and statutory reporting, budgeting and forecasting, and dashboard.
Unicredit Group needed to increase the alignment between its strategic goals and its day to day activities around accounting and planning, and wanted to manage accounting and managerial needs across the region to reduce the reconciliation processes.
The company needed to refresh its solution to meet regulatory compliance and it had significant expansion plans that would require a new solution to manage its statutory consolidation processes and subconsolidation activities.
Benefits
Reporting cycle reduced from 35 to 20 days
Full group consolidation of 500 legal entities and regulatory compliance to italian accounting principles
Short implementation phase
Overall costs reduced by 10% after one year
Flexible, browser-based and excel interface solution to minimize rollout complexity and reduce training costs
As CCH Tagetik is easy to deploy, to modify and to maintain, the company didn't need the involvement of IT staff
The solution
The UniCredit approach was sponsored and driven by the CEO, who recognized the need for a corporate-level applications to support the bank's expansion plans, which have involved UniCredit Group for the past five years. The company had a strong project sponsorship and long-term vision, with a multiphased approach to CPM starting from statutory consolidaton to planning and reporting, and spanning the project on multiple steps in multiple years.
This resulted in a recognized standard group approach and solution for CPM, called CF ONE, the worldwide corporate program that standardizes all performance-related processes from the CFO and data warehouse through engine calculation to consolidation and reporting processes.
Yes, I’d like to know more about Tagetik
For more information, please complete the below form and a member of our team will reach out to you shortly!