Portrait of Profit Center
The Profit Center Finance / Data has an organisational set-up following both geographical and functional lines with customer officers-in Germany, New York and London.
This organisational structure helps to guarantee fulfilling especially all accounting-related requirements at international locations.
Finance / Data includes six teams:
- Accounting EAA
- Accounting & Liquidity
- Equity Investment Support
- Financial Services London
- Financial Services New York
- IT Finance & Data
The range of activities embraces all services from financial accounting, implementation of complex transformations to drawing up annual accounts. The portfolio of services offered also includes setting up a consistent finance platform (also covering regulatory reporting) including various components. Our IT specialists can support your business processes, adapt your system architecture to changing internal and external requirements and continuously work on further improving the entire finance platform.
EFS Finance / Data has the extensive knowledge and experience of a wholesale and investment bank
Expertise in creating robust solutions for accounting and reporting: Close cooperation of Finance and IT-experts allows tailor-made solutions for challenges our clients face. In line with what our customers need Finance / Data provides parts or the whole range of the process steps: analysis of requirements, business concept, IT concept, implementation, tests and documentation. Furthermore daily production can be supported. To give an example EFS developed the system PCR-NG supporting a daily front office independent P&L reconciliation.
Practical expertise in reorganization and migration processes:
- Splitting a wholesale bank into several new legal entities including guaranteed and back to back business. This split included backdated transactions at different dates, on several migration weekends, with the selection of deals to be migrated only finalised one month before migration, the whole migration project was finished in 14 months.
- System consolidations, migration of products including business transactions into new systems
- Integration of separate data into one landscape
Professional skills in the field of bank accounting: As former finance department and now as servicer of financial institutions Finance / Data has professional knowledge in HGB and IFRS-accounting of a wide range of bank products including complex structures. Based on this know how the experts are in a position to specify the accounting of new customer-specific products.
Wide SAP know how with fully integrated data landscape: The IT experts of Finance / Data are used to customize and operate huge SAP FI installations including supplementary modules in a fully integrated landscape. Close cooperation between SAP and WestLB / EFS (e.g. development partnerships) has been in place for several years. This know how enables EFS to support SAP implementation projects and to develop efficient customer-specific solutions.
Close integration of finance know how and IT is a key success factor
Using the wide range of internal know how from business analyst to database engineer Finance / Data can provide the whole range of services:
- Support for developing the customer’s reporting infrastructure
- Design of concepts, testing and documentation for customer’s bespoke solutions
- Development of tailor made applications
- Robust daily production in a protected and external auditor proven environment
Products and Services
Integrated reporting solutions will become ever more important with regard to legal and economic requirements
Legal requirements (e.g. BCBS239) will force financial institutions to provide an integrated reporting: National and international regulatory authorities as well as auditors demand consistent reports. The numerous reports of different business units (e.g. Finance, Risk, Regulatory and Controlling) should be based on one golden source. Lots of financial institutions face the challenge of massive additional requirements while personnel resources remain constrained and cost budgets low.
To master these challenges Finance / Data can offer:
- Well trained and experienced staff: The team in Finance / Data includes IT specialists as well as finance experts. A long standing close collaboration has resulted from integrated usage of products and processes so that IT specialists are used to consider a whole range of aspects (including financial, regulatory, controlling, risk) in their proposals and vice versa.
- Expertise in migration and transformation projects: As part of an international wholesale bank / financial servicer in an unsteady business environment the team of Finance / Data successfully managed several complex migration programmes. The key players and relevant parts of the team continue to be available for supporting projects with new clients.
- Finance / Data provides a well established and proven system: The data warehouse CDP has been developed by our experts at our predecessor WestLB and went live in 2008. Since then it has been enhanced continuously to meet growing requirements. CDP is a multi client, scalable data warehouse and provides a generic interface to back office systems for a broad range of financial products.