Data Reconciliation for Complex Financial Systems Implementations
Leveraging our experience, technical expertise, and ability to collaborate among Business and IT resources, FTI Consulting provides clients with a rigorous data reconciliation process to ensure that new financial systems reflect timely, consistent, comprehensive, and accurate information. Clients faced with complex financial system implementations rely on FTI Consulting’s Financial and Enterprise Data Analytics (“FEDA”) team to perform data reconciliation and guarantee a successful roll-out of large-scale system integrations. FEDA’s team members are skilled at understanding the complex relationships among disparate data sources and the resulting impact on the operational side of the business. FEDA has experience in account and entity mapping, hierarchy development, data validation, data reconciliation, and report development and review.
Systematic Reconciliation Processes
Global organizations are faced with a myriad of challenges when implementing new financial and accounting systems. While attempting to create a single source of truth across large organizations, firms often struggle to successfully employ new systems on the first, second, or even third attempt. The combination of multiple stakeholders, reliance on existing systems, and lack of trust in the new system can all sabotage a successful implementation.
By facing these challenges internally, organizations are often forced to displace key resources from the day-to-day operations of the business. Data reconciliation, a key element of any successful implementation, can be a time-consuming and manual process. Clients are often bogged down with inefficient and unwieldy reconciliation processes that lack transparency.
FTI Consulting’s experts design systematic reconciliation solutions with integrated exception management systems and reporting. A robust data reconciliation process can align stakeholders, remove the need for reliance on existing systems, and build trust in the new system’s data. By leveraging these established processes, our team has demonstrated the ability to meet challenging deadlines.