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Data is the common factor that services the increasing reporting requirements of management, regulators, tax authorities, shareholders and funding partners. It requires an operating model infrastructure that enables data capture, quality, processing and rapid reporting with the appropriate granularity for each recipient. One version of the truth to which stakeholders can subscribe with confidence. One version of the truth that underpins modelling and forecasting.
Rule Engines & Sub-Ledgers
We work with software that addresses the problems associated with data-intensive processes. These technologies facilitate complex business process automation, the application of new business logic to existing systems and the integration of financial transactions between front, middle and back-office systems.
Within this architecture, data received from multiple non-standardised sources is validated, enriched, standardised and transformed. Accounting rules are applied to a set of business events with output stored in a data repository. Trade-by-trade information is accessible by users. An accounting sub-ledger is populated, consistent with respective GAAP, following the rules driven assignment of a GL coding block. The sub-ledger entries are summarised for posting into the main GL.
Straight through processing, minimising data delivery latency and overnight processing.
One version of data truth.
Accounting entry and trade data repositories that enable clear and consistent regulatory reporting.
Golden sources for business events and accounting minimising the need for multiple source/extract reconciliation.
Standardised accounting output for products, enabling consolidation of accounting information across systems & regions
using single set of posting rules.
Comprehensive audit trail with drill down.
Commission/decommission of front office systems with minimum disruption.
Technology & Implementation Partner selection
Selecting technology to meet organisational requirements is the first step in successfully deploying the solution. Partnering with an experienced Management Consultancy that understands client needs and provides innovative solutions is an essential requirement for project success. Introducing new technology involves human factors as well as technical change issues.
Millennium Consulting provides finance transformation solutions to the Financial Services Sector through our Millennium Affine division. Working collaboratively with clients, we harness technology to deliver Agile operating platforms that address regulatory and performance challenges.