E2E Finance Transformation: Enhancing Compliance and Efficiency for Long-Term Success

The Challenge

A major Canadian bank’s insurance division faced significant operational challenges to meet a new regulatory standard that required a complete overhaul of their financial processes to improve efficiency and meet compliance. The bank struggled with disorganized, outdated and incomplete data and process documentation, which hindered compliance efforts. To resolve these issues, the bank required specialized financial and program management expertise, as well as robust business planning and analysis support. 

The Solution

To address the challenges faced by the bank’s insurance division, our firm provided comprehensive support across key areas. We implemented program, project, and change management strategies to streamline operations and improve efficiency. Our team of finance subject matter experts (SMEs) designed a brand new cross-functional Target Operating Model, inclusive of a brand-new data lake, subledger and reporting suite that ensured compliance to the standard throughout while delivering operational improvements. Detailed processes, controls and reconciliation steps were documented throughout the E2E process.  Additionally, we delivered targeted training to equip staff with the skills needed to manage new processes and maintain business continuity. Our business architecture and analysis support further optimized the bank’s financial processes, leading to more accurate data management and improved stakeholder engagement.

The Results

The finance transformation initiative delivered significant improvements, meeting regulatory requirements while optimizing operational processes to boost compliance and efficiency. Our team updated documentation ensuring up to date and complete data flow and process documentation. This not only facilitated smoother and more transparent audits but also freed the audit department from the time-consuming task of correcting historical errors, allowing them to shift focus toward strategic initiatives. Comprehensive training ensured a seamless transition to the updated processes, equipping staff with the skills to manage the new systems effectively. Standardized reporting frameworks empowered the finance team to deliver valuable strategic insights, driving better decision-making across the business. Ultimately, this transformation addressed critical operational challenges and positioned the bank’s insurance division for long-term success and future growth.