Case studies

Finance as an effective Business Partner

Redefining the Finance function in a global insurance company

Background

The newly appointed CFO of a major Belgian company realized that his department was suffering from a loss of credibility internally. Lack of quality and clear roles & responsibilities were identified as key problems by business units.

He decided to appoint Deloitte in order to perform a Finance diagnostic and tackle the main issues identified. Deloitte was also going to pilot the change through the evolution of the organization in order to prepare the migration of some accounting activities towards a shared services center a few years later.

Following the diagnostic, together we decided to scope the project in order to redesign the organization of the Strategic

Planning, Performance & Cost Management department and to review the Planning, Budgeting, Forecasting and Performance Reporting processes, establishing a clear split between the Accounting & Reporting tasks and Performance Management tasks.

Approach

  • Redefinition of Finance mission and vision
  • Analysis of the organization structure and activities performed by each team within Finance (Strategic Planning, Performance & Cost Management, Accounting & Reporting)
  • Understanding of Business-Units’ expectations regarding Finance (Voice of the Customers)
  • Benchmarking of  Finance vis-à-vis its client’s peers (performance-wise)
  • Detailed mapping of the AS-IS processes of the processes in scope (Planning, Budgeting, Forecasting, Performance Reporting)
  • Identification of cost improvement levers
  • Design of Finance TO-BE organization (new TOM), scenario proposition 
  • TO-BE design of processes, including definition of roles and responsibilities, sizing, new governance model

Outcome

Following results were reached after completion of the project in 2012

  • New Finance Organization structure
  • Creation of the Performance Manager function
  • Clear split between Accounting and Performance Management tasks
  • Definition of new roles and responsibilities between the Accounting & Reporting, Strategic Planning, Performance & Cost Management teams 
  • Detailed job descriptions for each function
  • Establishment of a new governance model 
  • Definition of the detailed transition plan
  • Definition, sharing & communication of a clear Finance strategy
  • Definition & formalization of clear PBF target processes
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