Business Control Solutions (BCS), a provider of management consultancy services and financial control software to the financial services sector, has said that a global investment bank has selected BCS Integrity following a competitive tender.
BCS Integrity provides a consistent, financial governance framework over the entire balance sheet and account attestation process. It enables access to multiple data sources and formats. By consolidating the balance sheet process from all areas of the business, BCS Integrity delivers a single reporting structure. The account ownership functionality eliminates ambiguity and ensures that a named owner is allocated to every step in the sign-off process. It incorporates a controlled workflow for users, managers and financial directors to highlight concerns and make decisions based on timely information, claimed BCS.
In a global implementation, the centralized web-based platform will manage and standardize the bank’s balance sheet control process, driving down costs, while delivering increased transparency and assurance.
Prior to selecting BCS Integrity, the bank used an internal system for balance sheet attestation, which according to BCS no longer provided desired information or the necessary context about the status of the account balances.
The implementation of BCS Integrity is expected to take three months. A pilot study has already been successfully carried out and implementation will continue from this point.
Paul Brock, CEO of BCS, said: “By implementing BCS Integrity this institution will gain a fully integrated, cross-functional financial control framework, which will provide real-time P&L, trend and risk reporting across all balance sheets and accounts. Not only will this considerably reduce operational risk, but it will also lead to more efficient and effective balance sheet attestation. This is an exciting opportunity for us to deliver our financial control solution to another global investment bank.”