Full reporting in banking industry with CCH Tagetik: Rabobank Group Case Study
Rabobank had used the same software for consolidation for over fifteen years. At the beginning of 2012, however, it decided to replace its multiple worldwide installations of Hyperion Enterprise with a single, Web-based consolidation application. Its requirements included:
- Integrated process controls and electronic sign-offs on data
- Guided workflow and task support
- Intuitive end-user tools
- Full audit trails on SOX-critical data
- Enhanced reporting and analysis tools
CCH Tagetik CPM Solutions
Rabobank Group replaced the systems and a separate IC matching application with a single statutory and financial reporting application based on the CCH Tagetik software platform.
The heart of the new application is a guided, step-by-step submission process with strict validations for monthly, quarterly and annual information. The local entities enter and validate this data from Web dashboards or data-entry forms in Excel.
Thanks to CCH Tagetik, the financial controlling department now receives more correct, consistent data, which it uses for analysis or filings to the Dutch Central Bank.
Rabobank Group has obtained:
- One unified, Web-based, out-of-the-box solution
- Decentralized intercompany matching process
- Extensive security, process support and audit trail
- Scalability for management accounting and budget processes
- Support for multiple reporting needs
Main advantages Rabobank Group gains with the implementation of CCH Tagetik CPM solutions
Higher data consistency and quality
|The single Web-based application improved the consistency/quality of its data to streamline the entire process and a faster close|
More correct, consistent dataRS 15
|The financial controlling department now receives more correct, consistent data, which it uses for analysis|
Better controls through built-in workflow
|Thanks to the integrated process controls, Rabobank minimized the manual work involved in the consolidation process|
Accuracy of the information
|The heart of the application is a guided, step-bystep submission process with strict validations for monthly/annual information|
|CCH Tagetik and Rabobank later developed a train-the-trainer program so that users could conduct further trainings internally on their own|
|Rabobank extended its application in 2014 to include the new FINREP regulatory reporting requirements|
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