Business Intelligence

Finance In Focus: When Two Large Banks Merged, Getting Finance In Sync Was A Top Priority. Here's How They Did It

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Executive Summary

When two large banks merged, the resulting Finance function needed to make sense of two very different ways of doing business - fast. Deloitte helped them in their efforts to create a unified approach to Finance that built on the best of both organizations. The result? A rock-solid approach to policy, process, technology and governance that delivers reliable financial information for business decision-making and action, from intercompany cash settlement and expense payments to accounting, capital planning and electronic payments. Mergers typically magnify the differences between two organizations, making nearly every merger integration feel like a marriage of opposites. In reality, they're often not as bad as they seem. But in this merger, it would be hard to imagine two organizations in the same industry (banking) with such markedly different approaches to their businesses. Different operating models. Different processes and procedures. Different everything. And, as is often the case, the Finance organization was perhaps the most accurate reflection of the confusion. Because of the broad scope of the challenges facing the Finance organization, Deloitte helped them establish a two-pronged strategy for the integration, guide them through the sprint to Day One readiness in a way that didn't limit the company's future options also helped them focus specifically on the Controllership and Financial Planning and Analysis groups.

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