Date Added: May 2010
When two large banks merged, the challenge for the resulting Finance function was to make sense of two very different ways of doing business in quick time so as to get its functioning in sync. This case study discusses about how this challenge was met and a solution was found with the help of Deloitte, a world's leading business consulting company. The resulting merged organization had sought help from Deloitte in its effort of trying to create a unified approach to Finance, which was built on the best of both organizations. The study also points out towards the success the efforts has brought in, resulting in 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. While working with the company on the integration of the finance operation, Deloitte assisted them with developing a two-pronged strategy whereby the company was prepared to be in a state of Day One readiness in a way that it did not limit the company's future options along with simultaneously creating a road map for the Finance department that would take them through the next 18 months and thereafter. In addition, Deloitte helped them to focus specifically on the Controllership and Financial Planning and Analysis groups.