IT/Controller's Group Project to Retire Hyperion Financial Management

Summary:

  • Project Kicked Off in 3Q 2013

  • Wind-Down Liabilities (MTNs and GICs) chosen as pilot

  • Agile project management methodology utilized

  • Chosen as leader of Functional Team for Controller's Group

Challenges:

  • No subledger existed for in-house liability system

    • Business logic required to derive journals from system reports

    • Multi-currency portfolio required creation of FX specification to comply with GAAP ASC-830 (FAS 52)

    • Aggressive timeline - projected April 2014 production rollout

Key Contributions to Project:

  • Resource management - ensured appropriate accounting resources were made available to meet key deliverables for each sprint

  • Functional specifications

    • Developed business logic documentation (ledger activity and FX) and ensured it was in a format which could be readily translated into code by IT team

    • Provided input into specifications for new reporting to ensure that appropriate analysis and controls would be available post-implementation

  • Project management

    • Ongoing assessment of sprint timing with the IT Project Leader

    • Recommended changes/additions to project map as needed

      • Resulted additional functionality being added to the application (Buybacks and MTNs at Fair Value)

Results:

  • Successful move to production environment in April 2014

  • User acceptance testing and two month parallel reviewed and approved by internal audit with no significant findings

  • Straight-through processing of journal entries to Computron ledger system

  • Eliminated the need for IT intervention in monthly close - savings of 2 hours per month

  • Newly developed reports eliminated the manual updating of over 75 data elements each month

  • User interface and key components of application to be re-utilized as additional systems are integrated in 2014 (premiums) and 2015 (investments/derivatives)