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Case Study

Avoiding a Regulatory Pitfall

A global telecommunications company were having significant
issues with their financial reporting. Years of unchecked growth
and integration in internal finance meant a series of siloed
finance systems — mis-aligned with the different functional
areas of the business — with no centralised reference data
architecture, governance or data quality. The problems that the
finance team were suffering from included:

Inaccuracies with data meant a substantial fine loomed.

  • Hundreds of hours were spent on reporting which was often months out of date and inaccurate by the time it was presented to senior management

  • Vast amounts of shadow IT with data being held in spreadsheets meant issues with accuracy

  • IFRS compliance challenging to implement, which was leading to significant issues with Ofcom and the threat of a substantial fine for non-compliance
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Konvergent approached the project by setting up the usual blended agile team of internal and external resources. Konvergent started by with a series of interviews with data owners and gathering intelligence from SME’s; the group quickly established the true “as is” state:

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  • There was little control over who was able to change the metrics and parameters of reporting. The this meant it lacked a clear audit trail and accuracy which was one of the main concerns that needed to be addressed with the regulator

  • The current architecture, processes and data management meant that the organisation was not going to be able to deliver on key future strategic programmes such as data quality and the development of a cloud-based data warehouse

  • It demonstrated a series of enterprise-wide data governance issues, that had a far more significance beyond this programme

Developing roadmaps, blueprints and workshops.

  • Development of an architecture roadmap to move the IFRS15 Data Warehouse into the cloud

  • Assessment of integration points and patterns with the development of a roadmap for
    performance improvement for reporting

  • Development of an architecture blueprint focusing on the redevelopment of business processes to significantly reduce the reliance on shadow IT

  • Conducting workshops and a “roadshow” to ensure that both technical and non-technical stakeholders fully understood the resulting process changes
The_Solution

Saving up to £20m and reducing shadow IT by up to 50%.

  • Ofcom saw the effort, and progress that the organisation was making towards addressing the compliance issues and instead of issuing a hefty fine (up to £20 million), which was within their remit the agreed to postpone it for up to three years if continued improvements were made.

  • The processes also were due to bring about a reduction in shadow IT in the first 12 months by 30%-50%

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