FRP
finance resource planning
The world of financial services faces a unique set of industry-specific challenges and requirements.
Recognising these specific challenges faced by the financial services industry and the benefits achieved through the adoption of integrated ERP (Enterprise Resource Planning) solutions in other industries, FinArch set out to define the concept of Finance Resource Planning (FRP).
FRP covers an integrated approach to data and business processes management across the finance and risk functions. It is the natural evolution of ERP to address the demands of banks and financial institutions.
The FRP approach significantly enhances the ability of a financial services organisation to make decisions and accurately report results based on consistent information across business and functional lines. The resulting improvements in overall business efficiency will allow these organisations to meet the ever more demanding internal and external reporting challenges they face.
FRP delivers a “single version of the truth” by consolidating data from multiple business units and sources. Management and external reporting information is therefore sourced from an integrated and centralised environment. Consolidated valuation, pricing, risk and hedging data sourced from multiple departments and source systems supports additional analysis such as profitability, volatility and capital usage. Confidence in the results of this analysis can only be assured if the accuracy of the underlying data can be guaranteed.
FRP is also based on the concept of multi-dimensional analysis allowing the production of consistent results with different perspectives. While FRP can be easily embraced as vision for financial services organisations of the future, achieving this strategic goal can easily be derailed by the need for tactical solutions to address immediate demands.
Few organisations have the appetite to embark on a complete overhaul of the existing systems architecture. Therefore selecting a platform solution that can be implemented in a modular fashion to deliver quick wins and to add value to business units, while at the same time laying the foundations of an overall strategic platform, is the key.
FinArch’s Financial Studio product suite provides this key and is the pre-eminent FRP solution available today :
- a single source platform delivering data integrity & consistency,
- a shift toward value-adding data analysis as a result of the significant reduction in data reconciliation tasks,
- multiple functional components based on the same underlying data set.
