The start point for any large change initiative is the target operating model (TOM), which sets out management’s scale and ambition for change. Finance transformation programs incorporate elements of financial, risk, performance and capital management with a view to four key areas of change; reporting, process, people and technology supported by program and stakeholder management disciplines.
KPMG professionals’ experience with clients confirms there are clear operational financial benefits from addressing these, including potential to reduce operational costs by up to 30 percent and to significantly reduce capital reserve through reduced operational risk.
Complex finance transformation programs must be designed, managed and executed with relentless focus on benefits and the delivery of real business value. Underpinned by strong governance and careful management of interfaces across the organization, requiring leadership experienced in transformational rather than incremental change.