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Implementing an Integrated Controls Management Solution at Finance Division of Maritime Company
A global maritime company’s finance division found it increasingly difficult to manage controls. BPM-D implemented an integrated controls management solution (BPM-D Application) which enabled users to record control execution while providing personalized dashboards and intelligent audit reporting.
A leading maritime shipping and logistics company based in Denmark, owns and operates a fleet of vessels represented around the world, with 260 employees onshore and 3500 employees at sea. The company transports energy products, such as crude and refined oil products through its vessel fleet.
Business Challenge and Opportunity:
The company was previously using a basic process mapping tool to create and store their process models. Controls were not well integrated into their processes this greatly hindered their efforts to implement an effective process management discipline.
The original tool did offer functionality which Finance Department used for audit and compliance purposes, but the existing procedure for this was cumbersome and inefficient. Control execution was not role based, and so users would be required to log into team-based sites in order to execute controls. Reporting was done quarterly within Excel, and retrospective action had to be taken ensure to proof of execution was captured.
The existing procedure was cumbersome and inefficient as control execution was not role-based.
At the time, the finance team executed, reviewed, and audited 64 distinct controls across four regions using 25 resources. Managing these controls was becoming increasingly difficult and was crucial for meeting regulatory compliance requirements. These requirements are ever changing and difficult to keep up with in the absence of a dynamic compliance solution. Were this current path continued, the maritime company would very soon have struggled to keep on top of their controls, hence would not be able to track actions in one place.
BPM-D’s proposed approach was to implement an integrated process and control management solution to meet the maritime client’s specific needs.
BPM-D began the engagement by assisting the maritime client in the migration of existing process repositories from the original tool to Signavio. This migration would offer a number of benefits such as a universal standards adoption, innovative collaboration features, increased functionality, and cost savings. Signavio also offered functionality that enabled control and role-based master data to be integrated into the process repository using process flows (BPMN 2.0).
BPM-D then developed a process-based automated workflow application (BPM-D Application) which interfaced with the new process repository. This application would extract control attributes from Signavio such as owner and frequency, and display these within the app. By configuring the app to know which employees are assigned to which functional roles, controls were automatically assigned to the appropriate people. A custom reporting solution would then then remind relevant users to execute their controls and record relevant proof for audits.
By configuring the app to know which employees are assigned to which functional roles, controls were automatically assigned to the appropriate people.
In a short span of time, BPM-D was able to migrate the maritime company’s process repositories, develop this innovative solution, and release it to four separate geographies.
The adoption of the BPM-D Application greatly simplified control execution and reporting for the client. Control execution is now driven by processes run by the business, which in turn results in more accurate reporting. Furthermore, work effort was reduced substantially, and users reported that the app integrates easily with their day-to-day role.
The Maritime Company has now gone through one annual audit cycle and they are very pleased with the tool. The tool is currently utilized by 39 active users in 5 geographies, executing 3000 controls annually, whereby previously there was just a backdating of controls for External Auditors.
“In a relatively short period of time, the BPM-D Application thoroughly transformed their compliance capability. Controls are now well-specified within their process modelling tool and this complemented by a seamless integration to internal reporting and auditing solutions. Work effort has reduced substantially and there has been a noticeable increase in data quality.” – Programme Manager at the Global Maritime Company