The Challenge:
AUB Group Limited, with direct and indirect investments in over 350 insurance and underwriting agencies globally, faced complexities in financial consolidation. Listed on the ASX, the group had stringent statutory requirements, managing ~90 sub-consolidations externally through varied ERP systems, relying heavily on manual, spreadsheet-based processes. This unsustainable method, especially amidst constant mergers and acquisitions, demanded reducing lengthy financial reporting deadlines from months to just weeks.
The Solution:
To address these challenges, AUB Group implemented CCH Tagetik Financial Close and Consolidation. This solution provided:
- An ERP-agnostic system capable of ingesting data from any source.
- A sophisticated engine adaptable to the complex group structure and M&A updates.
- Automation and centralization of difficult consolidation areas, reducing the burden on subsidiary finance teams.
- A sustainable and scalable finance model.
Implementation and Results:
The implementation of CCH Tagetik delivered significant benefits:
- Faster Outputs: Improved output speed by two days per FTE.
- Improved Accuracy: Reduced quality assurance feedback from subsidiaries.
- Eliminated Manual Data Entry: Expected 70% reduction in manual data input within six months, eliminating the need for consolidation entries by external finance teams.
Discover how AUB Group Limited significantly enhanced their financial consolidation and lease accounting processes with CCH Tagetik, achieving faster outputs, improved accuracy, and streamlined data management. Fill out the form to download the detailed case study of AUG Group.