Optimizing financial controls through a global center of excellence
Large, multinational insurance carrier.
- Huge, costly global SOX program spread across 40+ countries with inconsistent methodologies.
- Lack of focused remediation efforts.
- Lack of early warning signals to uncover deficiencies.
- Lack of integrated metrics, KPIs to track program efficiency and effectiveness.
The client needed to centralize and streamline the costly global SOX program with an onshore PMO to streamline methodologies and track all progress.
- Established global SOX CoE with centralized offshore audit team, analytics and process improvement SME.
- Created an onshore PMO to track program level and country-level testing and remediation progress.
- Streamlined and standardized processes, especially around methodology, quality assurance and reporting.
- Integrated SOX program with other risk functions.
- $300M Uncovered in potential duplicate payments
- Improvement in error rates 90%
- $1.1 million Saved by offshoring 13K+ hours of controls testing effort
- Improved productivity by 36%
- Optimized GRC platform and reduced time on report generation/data management by over 30%
- Optimized GRC platform and reduced time on report generation/data management by over 30%.
- 90% improvement in error rates in estimating Deferred Acquisition Costs through use of an automated model.
- 30% efficiency gains through automation of account reconciliations.
- $300M uncovered in potential duplicate payments.
- 20% of users set up with incorrect authority levels.
Best Practices and Benchmarking
- Reduced key controls by ~18% following a controls optimization effort.
- Developed SOX Value Scorecard to monitor and improve Program KPIs.
Global Delivery Model
- Saved ~$1.1M by offshoring ~13K+ hours of controls testing effort.
- Built SOX Center of Excellence that focuses on program management and governance, streamlines delivery capability through process improvement, automation and talent management.