Old Mutual Group

See how our financial reporting controls solution has significantly reduced Old Mutual Group’s exposure to operational risk.

Challenge

Old Mutual Group Plc is a FTSE 100 listed savings, protection and investment group based in London and operating in 34 countries.
In May 2007, they launched a group-wide finance programme, ‘Finance 2010,’ in response to their rapid growth and the increasing demands of external reporting.
One of the principal goals of the programme is the Financial Control Initiative (FCI). The aim of FCI is to enable better financial information management and ensure against financial reporting errors, thereby litigating regulatory compliance risks. To achieve this, the Group needed to implement highly secure, risk-focused systems and processes.

The framework for the FCI consists of an ongoing cycle of assessing the risks inherent in financial reporting, gathering evidence that appropriate controls are in place, confirming that they work and demonstrating that any breakdowns in controls are being addressed. Management needed access to real, reliable financial detail and wanted the tools to help them do this.
Following recommendations from Deloitte and Touche, Old Mutual entrusted Content and Code to join forces and help deliver the right risk management solution together.

Solution

Content and Code custom-built a web-based Financial Control Tool (FCT) for Old Mutual that featured:

  • Dashboards to enable any individual in the organisation to access information pertinent to their role
  • Group-wide risk calculating to assess the risk for any part of the group at any time
  • Integration with Qlikview to facilitate more sophisticated reporting
  • Self-generated task lists for individual employees to ensure better management and control of tasks
  • Multiple security levels to provide maximum security of information and data while restricting users to role-dependent subsets of information
  • Connectible web parts to allow for filtering of information

“The Finance Control Tool (FCT) has enabled us to deliver a strengthened culture of risk and control consciousness across Old Mutual and the impact and benefits of such a cultural mindset will facilitate the pursuit of best practice and efficiency, ultimately ensuring that we do not materially misstate our
financial reporting numbers. FCT is now a repository for our risk and controls documentation, enables an assessment of our control environment, and enables us to report accurately and efficiently on the quality of
our controls.”

Sean Retief Finance Systems Development and Support Manager Old Mutual Group