Some financial service organisations are still having to make the tough choice between having sufficient analytical data to gain an insight into their businesses, fulfilling their internal and external reporting needs and exercising control & oversight of day to day financial and operational decisions.

The trade-off between insight, control & reporting is often caused by the following factors.

Data that is required for reporting is fragmented across multiple siloed systems.

Data that has to be extracted from core systems and then subject to additional analysis with manual spreadsheets.

Data inconsistency between systems results in highly skilled staff needed to perform often rudimentary data orchestration, refinement and reconciliation tasks.

The result of one, or all, of these influencing factors is that fulfilling reporting needs is time consuming and often little or no time is left for insight to be derived from the outputs.

If there is data inconsistency across systems then there is a risk that measures that could identify a failure of controls may not be heeded.

This situation arises because very often the reporting needs and the systems deployments have evolved piecemeal over time and the organisation has not had the luxury of establishing a data and reporting infrastructure that is driven by the workflows required to meet the needs of reporting, insight and control.

With chronic skills shortages across finance and risk functions it is becoming even more imperative that staff are freed from low-value tasks and time is not wasted on reconciliations between different systems to determine the causes of timing or interpretation differences.

Whistlebrook has always considered insight to be at the heart of how we support our financial services clients.

It is our mission to help financial organisations to have a single consistent view of their financial and risk positions with a suite of integrated modules that can be at the heart of any organisations digital transformation.

Earlier this year one of our customers wrote how they had stream lined finance, risk & compliance.

Steven Forth Chief Financial Officer at the Darlington Building Society said “moving to a fully integrated Whistlebrook suite cut our month-end processing time by more than half.”

If you would like a copy of the case study where the Society shares what it did & why; then please contact: jon.sayer@whistlebrook.co.uk | +44 (0)1480 309550 and request a copy.